Crypto.com’s currency, CRO token, has risen almost 70 per cent as a result of the platform’s naming rights deal for AEG’s Staples Center, according to a new report.

The Singapore-based cryptocurrency company is said to be paying $700million (£519million) over a 20-year period to rename the building, believed to be the biggest deal of its kind in history.

Forbes has since reported that the coin’s value has risen 69.9 per cent since last week’s announcement that the 20,000-capacity multi-purpose venue in Los Angeles – soon to host the likes of Kacey Musgraves, The Weeknd, and Imagine Dragons in the coming months – is to be renamed the Crypto.com Arena.

In a recent tweet, Meltem Demirors, chief strategy officer at CoinShares International, said that “the resulting PR doubled its token price and led to a $9B run-up in market cap the deal paid for itself ~13x over,” adding “difficult to untangle token distribution and who benefited, but smart token marketing strategy!”

https://t.co/cYo1Fq8ABI put $700M into a 20 year sponsorship, and the resulting PR doubled its token price and led to a $9B run-up in market cap

the deal paid for itself ~13x over, difficult to untangle token distribution and who benefited, but smart token marketing strategy!

— Meltem Demir◎rs (@Melt_Dem) November 21, 2021

As reported by the Los Angeles Times, the new name will be effective from December 25 following the deal between AEG and Crypto.com.

“We’re very excited about partnering with AEG and investing long term in this city,” said Crypto.com co-founder and CEO, Kris Marszalek, “starting with Crypto.com Arena in the heart of downtown, and using our platform in new and creative ways so that cryptocurrency can power the future of world class sports, entertainment and technology for fans in LA and around the world.”

Since opening in 1999 the venue has been home to NBA franchises the Los Angeles Lakers and Los Angeles Clippers, as well as the Los Angeles Kings (of the NHL) and Los Angeles Sparks (WNBA). It’s also hosted 19 of the last 21 Grammy Awards shows.

Earlier this year Crypto.com became the first crypto platform to partner with an F1 team (Aston Martin), an NHL team (Montreal Canadiens), and a professional sports league (Italy’s Serie A).