Crypto.com’s CRO is up over 22% today, setting a new all-time value for the cryptocurrency. The latest price hike comes amid an announcement that the Staples Center in LA will be renamed Crypto.com under a new rights agreement. With the new all-time high, CRO has also just exceeded the market capitalization of $ 1 billion, making it 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, created to build a network of cryptocurrency projects and develop merchants’ ability to accept cryptocurrency payments.
Businesses can use Crypto.com’s payment processing or invoice, which enables seamless and cost-effective payments in cryptocurrency.
For traders and Crypto.com users, holding a CRO is akin to buying shares in the company. By buying CRO, you are essentially betting on the success of Crypto.com, which seems like a good bet, especially given the recent announcement.
Crypto.com news
The big news regarding Crypto.com is their new naming rights deal with the former Staples Center in LA. One of the world’s most popular venues, home to the Lakers, Clippers, Kings and Sparks, will be renamed from Staples Center to Crypto.com from June 2022.
It is reported that Crypto.com paid more than $ 700 million for the naming rights deal, which will span 20 years.
The latest news comes amid another cryptocurrency company – FTX – which is acquiring the naming rights to the Miami Heat Arena for $ 135 million in a 9-year naming deal.
While Crypto.com paid a lot more for the downtown LA venue, it’s clear that this is a long-term investment that will not only be beneficial for the company itself, but will also help bring cryptocurrencies to the masses .
CRO price
In response to the announcement, CRO’s price rose over 25% in the past 24 hours, reaching 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 the market is excited about CRO.
Even with the new all-time high, we continue to see bullish momentum driving 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 then CRO can easily make new highs.
This is not investment or trading advice, always do your own research before buying any cryptocurrency.
Follow us on Twitter @thevrsoldier to stay up to date on the latest cryptocurrency news!
Comments are closed.