Despite announcing that it would reduce its staff by roughly 5% in June and the recent market downturn, cryptocurrency exchange Crypto.com has gone ahead with a deal to rebrand the Los Angeles venue formerly known as Staples. Center.
In a Monday tweet, Crypto.com public an artistic rendering of some of the changes he planned to implement at the iconic stadium, in a purported “multi-million dollar campaign” before many major sports teams begin play in late 2022. Some of the renovations include new giant screens and concession stands, as well as a terrace with views of downtown Los Angeles.
The legacy continues✨ Take an inside look at the new https://t.co/mht717OBXs Arena and step into the future pic.twitter.com/P9zIUSD1Xg
— Crypto.com Arena (@cryptocomarena) August 22, 2022
The legacy continues✨ Take a look inside the new https://t.co/mht717OBXs Arena and step into the future
The cryptocurrency exchange signed a $700 million deal with the stadium’s owner, AEG, in November 2021, giving Crypto.com naming rights to the venue for 20 years. In October 2021, Hollywood star Matt Damon promoted the platform in an ad campaign that later went viral. However, many in and out of the cryptocurrency space subsequently derided Damon’s appearance and Crypto.com’s tagline “fortune favors the brave.”
Amid the market crash in June, Crypto.com CEO Kris Marszalek ad that the exchange was going to cut 260 people from its corporate headcount, or 5% of all employees at the time. Also, The company said in May that it would reduce the staking rewards of its Cronos token (CRO) for most tiers of its VISA prepaid card.. Despite the restructuring, the exchange has gone ahead with obtaining regulatory approval in South Korea, Italy, Cyprus, and the United Kingdom.
Reactions from Angelenos and crypto users on social media to the arena updates were mixed, with some hinting at their discontent with the company’s decision to reduce staking rewards and others making connections to its ad campaign.
“Brave of them…perhaps fortune favors them,” said Redditor DadofHome.
A step in the future and CRO price to the hell
— Simone Citterio (@monecitty) August 22, 2022
One step in the future and the price of CRO to hell
According to data from Cointelegraph Markets Pro, the price of the CRO token has fallen by approximately 16% in the last 7 days, reaching $0.1257 at press time.
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