Rise of Crypto.com: from the university blog to the home of the LA Lakers

Crypto.com started life as the blog of University of Pennsylvania professor Matt Blaze, who sold the name in 2018 due to unspecified currencies in the lesser known start in cryptocurrency and credit cards called Monaco.

Monaco, now the capital of Singapore’s digital currency exchange Crypto.com, has it I just agreed to pay $ 700m to cover the title of the blog for 20 years at a Los Angeles stadium similar to the Lakers’ basketball teams as well as concert venues for artists from Taylor Swift to Paul McCartney.

The huge amount of money thrown at the Staples Center is an indication of how bitcoin’s meteoric rise to restructure the industry and how the newly minted crypto giants are willing to pay to win new customer sales.

Sports support is a well-known way for companies to be recognized by their brand based on the loyalty of the fans.

In June, Bahamas-based FTX exchange bought the free football stadium Miami Heat and the same month became the state cryptocurrency platform Major League Baseball and seven-time Super Bowl champion quarterback Tom Brady.

AEG, the company that owns Staples Center, expects the crypto-rebrand to work on both. Todd Goldstein, chief financial officer of AEG, said he was proactively looking for Crypto.com as a partner name because they were hoping to attract a “piece of their number” – that is, small consumers, more tech-savvy.

“Once the danger is over, there are people who understand it, how good it can be on the pitch and good for the team,” Goldstein told the Financial Times.

The move of the Staples Center to Crypto.com Arena from Christmas Day will also attract the attention of a well-known company and questions about its potential cost of hundreds of millions of dollars. pay to change the name.

Kris Marszalek, CEO and co-founder of many, called it “straight money”.

Despite the lack of recognition, the five-year-old secret company has 3,000 employees worldwide and generated millions of dollars in the second half of this year, according to Marszalek.

Image of the artist as the so-called circle will appear

“In the second phase, we made about a quarter of Coinbase’s revenue and have been profitable since the beginning of the year,” Crypto.com’s employer told FT. “The crypto space is very hot and we have seen a total of $ 20 this year.”

Coinbase – which became the only way to convert crypto currencies publicly earlier this year at $ 76bn, close to French BNP Paribas – made $ 2bn in total revenue between April and June, surpassing $ 1.6bn in the previous quarter.

The the high cost of bitcoin has transformed a number of companies, such as Coinbase, into multibillion-dollar businesses that swim with the advent of new investors with higher payable levels.

FTX exchange soon earned $ 25bn on circulation, jumping from just $ 1bn in February last year. Gemini, a crypto company owned by Tyler and Cameron Winklevoss, has just completed a $ 7.1bn exchange rate.

Coinbase currency growth chart ($ m)

In contrast to traditional markets where streams are compressed to narrow, Crypto.com and its partners are able to pay 0.4 percent of the site’s performance and more if the transaction takes place on the company’s mobile app.

Crypto.com converts billions of dollars in cryptocurrency every day and has generated more than $ 415bn in transactions since its exchange since March last year, according to digital financial analyst CryptoCompare.

Weekly letter

For the latest news and fintech views from the worldwide FT press network, subscribe to our weekly newsletter. #fintechFT

Enter here with one click

That means $ 1.2bn of spending is 0.3 percent of interest, but that amount will not be traded through a program where the exchange can pay two or three times more than they do on their main site. Volumes are not disclosed on such sales, which makes FT comparisons of the company’s earnings lower, according to the company.

Cryptocurrency Exchange they usually pay less when they sell. This encourages retailers to take greater risks with their punches on bitcoin and others because apart from putting more money into their accounts, they may be tempted to expand their business by taking advantage of the opportunity. Exchanges can also make money through their digital currencies and lending.

A skateboarder player outside Staples Center
Commentators say the forum will be renamed ‘The Crypt’ © Apu Gomes / AFP via Getty Images

Crypto.com, for its part, has a rapidly growing economy, including Paris Saint-Germain and Italy’s Serie A in football, a Formula 1 tournament, UFC professional wrestling, and basketball Philadelphia 76ers, all of whom have signed up to accept it this year.

“I also” think “of making money in a market where things were very good, says Marszalek. Business finance brokers agree. Greg Carson, co-founder of XBTO Humla Ventures, said companies that focus on digital assets are attracting more revenue because of their “explosive” size and affordable capabilities.

Crypto skeptics point to the deal as a signal of our closeness to the market, a concept often mocked by many in the industry.

But even though crypto itself is in the middle of a disagreement, it seems there is no such thing as a forum name. “You will call it The Crypt,” said sports commentator Dan Patrick. “Not Crypto.com or anything.”

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Business News

Subscribe – Businessday NG

Reset Password What if I forget my password? If you have forgotten your password, use the link in the login button to get you to the login page. Enter your email address and click the “continue email” button. An email will be sent with instructions to reset your password. If you need further assistance, please […]

Read More
Business News

Didi Global is planning to move to New York, looking for listings in Hong Kong

Breadcrumb Trail links Price of PMN Technology PMN Business Reporter: Date of publication: Dec 02, 2021 • 10 minutes ago • 2 minute reading • Join in the discussion Content of the article SHANGHAI / HONG KONG – Ride-hailing giant Didi Global said on Friday it would withdraw from the New York stock exchange and […]

Read More
Business News

After Hours: Manish Kalra, Chief Business Officer, ZEE5 India

The appropriate weekend and Kalra weekend can include visiting new places and families whenever possible. Work Entertainment unites people and digital brings them together. Working on the OTT version of ‘consumer first’, I am pleased with the diversity of our products, the amount of people we care about, and the amount of users we have […]

Read More