Leading cryptocurrency exchange Crypto.com has just activated another major brand promotion campaign by planning a multimillion-dollar upgrade to Crypto.com Arena in LA.
Putting Big Money on Sports (Marketing)
In a Twitter post earlier this week, Crypto.com released a video of some of the changes it plans to bring to Los Angeles' iconic Crypto.com Arena -- formerly known as Staples Center - for which Crypto.com spent $700 million to buy naming rights in November 2021. The name-change officially took place on Christmas Day 2021.
The deal is the most expensive naming rights purchase in U.S. sports history.
The Crypto.com Arena is a symbol of the city of LA. Opened in 1999, it is the home ground of the Los Angeles Lakers and Los Angeles Clippers men's basketball teams, the Los Angeles Sparks women's basketball team, the Los Angeles Kings hockey team, and the venue for many events such as the Grammy Awards, huge concerts, marquee boxing matches, and prestigious Hollywood awards ceremonies.
This is also where basketball games are expected to be held during the 2028 Olympics in LA. The arena is a part of the popular culture of LA and the U.S. The center can hold up to 240 events annually, attracting 4 million visitors.
The timing of the planned upgrades, reportedly to cost many millions of dollars, to the Crypto.com Arena may come as a surprise, given that the Crypto.com business just cut 5% of its staff in the context of the "crypto winter," which has posed complex existential problems for many companies and platforms in the market.
Crypto.com also has sports sponsorship deals with many well-known brands, including Aston Martin F1 team, Fnatic esports team (U.K.), Montreal Canadiens hockey team (Canada), Football League Serie A, Copa Italia Super Cup (Italy), World Hockey Championship, Formula 1 Racing, UFC Fighting Tournament, Paris Saint-Germain Club (France) and Philadelphia 76ers basketball team (U.S.).
Not stopping there, the exchange spent up to $ 100 million on a global advertising campaign with the participation of actor Matt Damon. Needless to say, marketing is a massive component of Crypto.com’s efforts to compete with other competitors, such as Binance, FTX, Bybit, etc., including through sports.
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Related News
Prisma Finance Reportedly Hit by $9M Hack: What to Know
Prisma Finance paused its protocol operations for investigation and advised vault owners to disable delegate approval.
Reports have emerged indicating that DeFi platform Prisma Finance, fell victim to a hacking attack amounting to approximately $9 million. Cyvers, a web3 security platform, raised the alert after it detected suspicious transactions linked to the breach.
🚨UPDATE🚨Our system has detected multiple suspicious transactions with @PrismaFi and still ongoing!
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) March 28, 2024
Total loss so far is around $9M. Attacker has funded by @FixedFloat!
Our system has detected the malicious contract 2 min earlier than hack transactions!👇
Our system would… https://t.co/9myoV8DL22 pic.twitter.com/SxT5yYZy7U
Initial estimates suggest a loss of $9 million, with the attacker reportedly utilizing funds from the crypto exchange FixedFloat.
Backing up Cyvers' findings, blockchain security firm PeckShield has confirmed the attack, providing details on the assets targeted by the hacker. Among the stolen assets are Prisma mkUSD and wrapped stETH.
In response to the breach, Prisma Finance issued a statement on X acknowledging the potential exploit. The project reportedly halted its protocol operations to conduct a thorough investigation into the incident.
Additionally, Prisma Finance advised vault owners to disable delegate approval as a precautionary measure.
We are aware of a possible exploit on Prisma.
— Prisma Finance (@PrismaFi) March 28, 2024
Core engineering contributors will pause the protocol and investigate.
We'll share an update and a post-mortem.
From DeFi Future to Security Concerns
Prisma Finance was initially hailed as the future of decentralized finance (DeFi), offering solutions in the form of a new LSTFi protocol. It enabled users to mint a fully collateralized non-custodial and decentralized stablecoin, mkUSD, using Ethereum liquid staking tokens (LSTs) as collateral.
However, the recent exploit paints a stark contrast to the platform's previous reputation, raising concerns regarding cybersecurity in the DeFi space.
Rising Trends in Crypto Hacks
The hack on Prisma Finance adds to a concerning trend in the cryptocurrency space. According to a Feb. 29 report by blockchain security firm Immunefi, over $200 million worth of cryptocurrency was lost to hacks and rug pulls last February, across 32 individual incidents.
This represents a 15.4% increase compared to the same period in 2023. Ethereum remains the most targeted blockchain, with 12 attacks accounting for over 85% of the total value lost in February.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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