Crypto.com, the twelfth biggest cryptocurrency exchange platform, according to the latest rankings by Coinmarketcap, is set to splash $700 million on the renaming rights to The Staples Center — Los Angeles’s most famous event Center, as part of an aggressive marketing campaign.
The deal, which would take effect over the coming weeks, is expected to last for the next two decades with the aim of boosting the popularity of the exchange platform which has only been in operation for five years. Crypto.com will buy the rights off Staples, a rapidly dwindling supply store chain, which had purchased naming rights to the venue as far back as 1997.
The young exchange platform will now join the likes of FTX — a popular Crypto and FOREX trading platform, which had equally secured naming rights to the home Arena of Miami heats earlier this year.
With approximately $5 billion Q2 earnings from coin exchange, NFT sales, and spot and futures trading, the company will be able to fund what has been described as an eye-popping brand visibility deal. But this is neither its first nor the only, Crypto.com has left its footprints across the world of sport by signing a deal with Formula 1 Racing, Sponsoring Serie A sports side Paris Saint Germain, supporting the United Fighting Championship (UFC), and donating over $1million to Water.org to tackle water scarcity in the drought areas of the world.
Mr. Kris Marszalek, Crypto.com’s CEO, disclosed that crypto.com had started off as a company named Monaco which offered customized Visa cards topped with digital currencies. It was until 2017 when it began minting its own digital token and selling them via ICO that it was able to raise significant capital to the tune of $200 million around July 2018. The company disclosed that at the peak of the crypto wave in 2017/2018 it had sought to rebrand itself and purchase a suitable domain name — crypto.com — which was then the property of a professor from the University of Pennsylvania.
Crypto.com makes profit by charging a percentage Commission of all exchange activities. Last month the company reached one million active followers on Twitter and added five new tokens — FLOW, SOL, LUNA, AVAX, and ONE — to its platform.
