Crypto.com COO says sports sponsorships build value as CRO token continues slide
14:39, 8 November 2022
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 Bloomberg, Anziani 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.
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.
What is your sentiment on CRO/USD?
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”.
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