Crypto.com Coin (CRO), the native coin that powers the multi-functional Crypto.com blockchain, is currently attracting quite a lot of attention from investors amid outsized gains over the past few days, spurred by a high-profile deal with one of NBA's top brands.
As a refresher, Crypto.com is a multi-purpose platform that aims to speed up the transition toward cryptocurrencies by offering users a convenient method to pay merchants, trade cryptocurrencies via an exchange, and delve into the growing Decentralized Finance (De-Fi) sphere. The platform is powered by the native Crypto.com Coin and currently has 10 million users. The platform boasts of a multi-layered blockchain with various nodes that serve a specific purpose. Moreover, each node is run in a Trusted Execution Environment (TEE), such as Intel SGX, ARM TrustZone, etc. TEEs ensure a secure environment by hiding private data from node administrators and enabling local as well as remote attestation for any code that the nodes interact with. For more information, head over to this whitepaper.
This brings us to the crux of the matter. The Crypto.com Coin is currently benefitting from a high-profile deal that will see the name of the STAPLES Center – the home arena of the Los Angeles Lakers and WNBA's Sparks – changed to the Crypto.com Arena next month in a 20-year contract worth $700 million. The deal links Crypto.com Coin with one of the top brands in the NBA, offering a very lucrative source of marketing and brand awareness in the process.
Since last Tuesday, when this deal was announced, Crypto.com Coin is now up over 70 percent, currently trading at the $0.6778 price level.
Moreover, the Crypto.com Coin is also currently featuring at the top of the leadership board when it comes to investor interest.
Most focused cryptos among retail
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— Breakout Point (@BreakoutPoint) November 22, 2021
While investors are visibly bullish on Crypto.com Coin on the back of this development, some are concerned that the deal might have marked the peak mania for cryptos. After all, back in the dot-com era, the internet company CMGI had purchased the naming rights to New England Patriots' football stadium in a similar high-profile deal, only to see the market crash soon after.
Regardless of this somber omen, should the Crypto.com Coin continue on its present trajectory, it would soon become one of the top ten cryptocurrencies by market capitalization. Bear in mind that the CRO is currently 13th on this list, behind Shiba Inu's SHIB coin and Dogecoin.