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Crypto.com’s coin gains 26% after it buys the naming rights for the LA Lakers home | Currency News | Financial and Business News

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After the platform purchased the naming rights for the LA Lakers’ home, Crypto.com’s cryptocurrency price rose 26%
The Staples Center was once the stadium. It will now be the Crypto.com Arena.
The Crypto.com cryptocurrency is the 16th most valuable cryptocurrency by market value.

The Crypto.com platform purchased the naming rights for the Los Angeles Lakers Arena. On Wednesday, the digital coin named Crypto.com jumped 26%. 

Insider reported that the Crypto.com Arena will replace the Staples Center as home to the Los Angeles Clippers and the Los Angeles Lakers. The arena’s logo and signs will be updated in time for the Lakers’ match against the Brooklyn Nets.

The Crypto.com Coin, the namesake token for the crypto trading platform, increased 26% after the announcement. According to CoinMarketCap data, it traded at $0.5321 in New York at 2:36 p.m. It is the 18th most valuable coin in terms of market capitalization, with a value $13.9 billion.

According to the Los Angeles Times it was one of the most expensive sports naming deals ever. The trading platform paid $700million for the rights to rename the network. Kris Marszalek, chief executive officer of the network said in the report that the purchase would mark a turning point in crypto’s mainstream.

Crypto.com isn’t the only platform to sign a pro-sports deal. In March, Sam Bankman Fried’s FTX exchange purchased the naming rights of the Miami Heat’s stadium. The deal was worth $135 million. Earlier this month, FTX partnered with University of Kentucky basketball stars to allow them mint their own tokens. 

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