Crypto.com currency has increased by 91% after the exchange was awarded the name rights to the Los Angeles Lakers’ home

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The value of Crypto.com currency has risen dramatically in the week after the exchange revealed it had obtained the naming rights to the Los Angeles Lakers and Los Angeles Clippers’ respective homes.

On Monday, Crypto.com rose to $US0.7536 from $US0.3931 on November 17th, representing a 91 percent increase. On Sunday, the currency reached an all-time high of $US0.7984, a 103 percent increase from when the exchange first revealed the news.

As per CoinMarketCap, the token of the Singapore-based cryptocurrency network has risen to become the 13th biggest digital currency by market capitalization. It currently has a market capitalization of $US19 ($AU26) billion, up to $US10 ($AU14) billion from last Tuesday.

In the previous week, the corporation made news when it announced a 20-year naming rights agreement with AEG, the owner of the Staples Center, which will begin on Christmas Day.

The official home of the Los Angeles Lakers will now be known as Crypto.com Arena and will cost $US700 ($AU963) million.

“The deal paid for itself ~13x over, difficult to untangle token distribution and who benefited, but smart token marketing strategy!” CoinShares’ chief strategy officer, Meltem Demirors, remarked on Twitter.

This isn’t the exchange’s first foray into high-profile marketing. In October, Crypto.com hired Hollywood actor Matt Damon for its first-ever marketing campaign to raise the platform’s profile.

Crypto.com, which provides a site that enables users to purchase and trade digital currencies, took a page from FTX’s playbook.

This year, Sam Bankman-exchange Fried’s has signed several sports partnerships, including acquiring the naming rights to the Miami Heat’s new home, FTX Arena. It also just announced Shohei Ohtani, an MLB wonder, as a brand ambassador, becoming one of the celebrities including NFL quarterback Tom Brady and NBA icon Stephen Curry.

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