Crypto.com's coin, CRO, skyrocketed to a new high close to $0.60 on Nov. 18. The spike followed Crypto.com’s purchase of the naming rights to the Staples Center in downtown Los Angeles. What’s CRO's price prediction and how high can the coin go after the arena deal?
Crypto.com operates a cryptocurrency trading platform, competing with Coinbase, Binance, and other crypto exchanges. It also has an NFT division and issues a Visa card that allows members to spend their crypto at merchant locations. Crypto.com has more than 10 million users across its platform. CRO, Crypto.com’s in-house cryptocurrency, facilitates transactions on the platform. Those who pay with the native token can enjoy fee discounts.
Crypto.com’s Staples Center arena deal
Staples Center is home to the NBA's and WNBA's Los Angeles Lakers, Clippers, and Sparks. It’s also home to the NHL's Los Angeles Kings. Crypto.com acquired 20-year naming rights to the arena for $700 million in one of the biggest sports naming deals ever. As a result. CRO has surged to a record high.
Is Crypto.com (CRO) a good investment?
While paying $700 million for an NBA arena naming rights may look expensive, Crypto.com CEO Kris Marszalek has said he's sure the investment will pay off.
The Staples Center hosts more than 240 major national and international events every year, attracting more than 4 million guests coming for sports and entertainment. The naming deal promises to boost Crypto.com’s brand awareness, market share, and demand, thereby benefiting its native crypto.
The Staples Center rebrand will take effect on Christmas Day, when the Lakers will host Brooklyn Nets at the arena.
What’s Crypto.com's price prediction and how high can CRO go after the arena deal?
CRO was introduced in Nov. 2018, and since then, has gained an average of 1,200 percent annually. If it maintains that momentum, CRO could reach $8 in 2022. Even if the crypto gains just 120 percent annually, it could be worth $15 by 2025.
Crypto.com has inked several other sports naming deals to promote its brand. Its introduction of new products should also boost its token's demand and value.