Crypto.com token (CRO) added $ 7 billion to its market cap over the past week

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On November 17, the cryptocurrency exchange Crypto.com and Anschutz Entertainment Group (AEG) shocked the world with a massive 20-year, $ 700 million deal on naming rights for the Staples Center in Los Angeles.

And now, a week after the announcement, the price of the Crypto.com CRO token has doubled in value from $ 0.43 on November 17 to $ 0.76 on November 25, according to CoinMarketCap.

Meltem Demirors, Chief Strategy Officer of CoinShares International Ltd noted on Twitter:

“The resulting PR doubled its token price and led to an increase in market capitalization of $ 9 billion”

Even after cooling off in the past few days, the CRO token has added more than $ 7 billion to its market cap over the past week. What is Crypto.com and why is its native CRO token so important?

Crypto.com is a Singapore based cryptocurrency exchange founded in 2016 where you can buy, sell, borrow, lend, spend cryptocurrency with their Visa debit card, and they recently added their own NFT marketplace where you can can buy and sell NFTs.

CRO is the native token of the exchange and holders within the platform will benefit from reduced fees for buying and selling cryptocurrencies, earning more interest when the holder lends their tokens, lower rates. lower interest when borrowing money and higher cashback in their Visa card according to Crypto.com.

Crypto.com is the 10th largest cryptocurrency exchange by daily volume ($ 1.8 billion) and CRO is the 13th largest cryptocurrency by market capitalization ($ 21.3 billion) according to CoinMarketCap.

Will the adoption of mainstream crypto come from the sports industry?

Crypto.com isn’t the only major crypto exchange to jump into the sport – FTX has also entered into partnerships this year.

In June, the exchange became the official crypto sponsor of Major League Baseball and they also purchased the naming rights to American Airlines Arena in Miami, renaming the venue to FTX Arena. And last month, Binance Exchange partnered with Italian football club SS Lazio, according to Forbes.

Crypto.com has also entered into previous partnerships with Formula 1, UFC, French football club Paris Saint Germain (PSG) and the NBA Philadelphia 76ers basketball team.

Cryptocurrencies are in a phase of integration, and the largest cryptocurrency exchanges are investing in partnerships with the sports industry to increase their exposure to billions of global sports fans.

With the CRO token price soaring, investors seem to be enjoying the trend towards traditional partnerships.

Disclaimer: Crypto.com is an advertising partner of CryptoSlate.

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