Crypto.com’s CRO is up over 22% today, setting a new all time for the cryptocurrency. The recent price hike comes amid an announcement that the Staples center in LA will be renamed to Crypto.com, as part of a new rights deal. With the new all time high, CRO also just surpassed the $1 billion market cap, placing it as the 18th largest cryptocurrency on the market. Let’s take a closer look at CRO and see what all the hype is about.
What Is CRO?
CRO is Crypto.com’s native token that was created in order to build a network of cryptocurrency projects, and develop merchants’ ability to accept cryptocurrency payments.
Businesses can use Crypto.com’s pay Checkout or Invoice, which allows for seamless and cost-efficient cryptocurrency payments.
For traders and Crypto.com users, holding CRO is akin to buying stock in the company. By buying CRO you are essentially betting on Crypto.com’s success, which seems like a good bet to make, especially with the recent announcement.
The big news regarding Crypto.com is their new naming rights deal with the former Staples Center in LA. One of the most popular venues in the world, home of the Lakers, Clippers, Kings and Sparks, will be renamed from Staples Center to Crypto.com starting June 2022.
It’s reported that Crypto.com paid more than $700 million for the naming rights deal, which will extend for 20 years.
The recent news comes amid another cryptocurrency company – FTX – purchasing the naming rights for the Miami Heat arena for $135 million as part of a 9 year naming rights deal.
While Crypto.com paid a lot more for the downtown LA venue, it’s clear that this is a long term investment that’s not only beneficial to the company itself, but also helps bring cryptocurrency to the masses.
In response to the announcement, CRO’s price increased over 25% in the past 24 hours, setting a new all time high. With a market cap of $13.2 billion and a 24 hour trading volume of $1.21 billion, it’s clear that the market is excited about CRO.
Even with the new all time high, we’re continuing to see bullish momentum pushing the price higher. At the time of writing, CRO is trading at $0.51, if the market can hold the $0.5 support level throughout the day, CRO can easily climb to new heights.
This is not investment or trading advice, always do your own research before buying any cryptocurrency.
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