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Crypto.com COO says sports sponsorships build value as CRO token continues slide

By Darius McQuaid

14:39, 8 November 2022

 Detail view of crypto.com Arena logo on the court during a NBA game between the Utah Jazz and the Los Angeles Clippers on 6 November, 2022 at Crypto.com Arena in Los Angeles
Crypto.com, will be an official sponsor of the FIFA World Cup Qatar 2022 – Photo: Getty Images

Crypto.com’s numerous sport sponsorship deals have “created tremendous brand awareness” for the company, according to the crypto exchange’s chief operating office (COO), Eric Anziani, as the CRO token plunged 9% in less than a day.

In an interview with BloombergAnziani said that Crypto.com “is very proud of all the prestigious partnerships we have built to elevate our brand.”  

He said these moves help to “embed and activating the brand within these sports in a way that talks to the fan and has created tremendous brand awareness.”

Anziani listed all the sports partnerships Crypto.com has formed, which include the naming rights to the now Crypto.com Arena in Los Angeles (LA), and sponsorships with Formula 1 (F1), the Ultimate Fighting Championship (UFC), the National Basketball Association (NBA) team the Philadelphia 76ers and the French football giant Paris Saint-Germain (PSG).    

In August 2021, F1 announced the Crypto.com Overtake Award, where the winner of the award will be the F1 driver who has made the most overtakes during a season.

Additionally, Crypto.com became the official title partner of the F1 Miami Grand Prix in February 2022.

In November 2021, the Staples Center in LA was renamed the Crypto.com Arena.

The Crypto.com Arena is home to NBA teams the LA Lakers and the LA Clippers, as well as the National Hockey League (NHL) team, the LA Kings, and the Women's National Basketball Association (WNBA) team, the LA Sparks.

The mixed martial arts organisation UFC announced a multi-year deal in July 2021 to allow Crypto.com to place its branding on fight kit worn by UFC athletes during competitions, as well as on clothing (shorts, sports bras and hoodies) worn by training staff.

The NBA team the Philadelphia 76ers made Crypto.com the team’s official jersey partne in September 2021.

Finally, PSG made Crypto.com the first official cryptocurrency platform partner of the club, also in September 2021.

XRP/USD

0.60 Price
+3.460% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

ETH/USD

3,506.58 Price
-0.090% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

DOGE/USD

0.13 Price
+6.140% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

BTC/USD

66,751.30 Price
-0.440% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

Crypto.com has also managed to reach a new threshold of 70 million users globally.

CRO to USD

Cronos still down

Cronos (CRO) the native cryptocurrency token of Cronos Chain, a decentralised, open source blockchain developed by the Crypto.com is still down despite Anziani’s claims that these sports deal have “created tremendous brand awareness”.  

CRO has spent the majority of 2022 in a downwards spiral. It started the year at $0.5575 and is currently at $0.1161, a drop of 79%, according to CoinMarketCap.  

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Hope for World Cup boost

In March 2022, the international governing body of association football, FIFA, announced that Crypto.com, will be an official sponsor of the FIFA World Cup Qatar 2022.

This makes the crypto platform the exclusive trading platform sponsor of Qatar 2022 and will “benefit from significant branding exposure both within and outside the tournament’s stadiums.” 

Anziani said he was also looking forward to the World Cup and that FIFA has said there will be five billion viewers so it will be “massive for the industry and massive for Crypto.com”.

The FIFA World Cup 2022 will take place from 21 November to 18 December.

Asked who he thought will win the World Cup, he said as a Frenchman he was a bit “biased”, but he wished all the teams “to do well”.

Markets in this article

CRO/USD
Crypto.com Coin / USD
0.09703 USD
0.0005 +0.530%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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