Crypto.com’s native token CRO has nearly quadrupled in value in November after a string of high-profile marketing initiatives propelled the exchange and debit card issuer into the mainstream.
The token hit an all-time-high of $0.7984 on Sunday according to data from Coinmarketcap.com, making it the 13th largest cryptocurrency by market cap.
CRO was trading for just $0.2097 at the start of the month.
Its surging price comes amid a broader period of consolidation in most crypto markets, with bitcoin trading down more than 5% and Ethereum down nearly 2% month-to-date as of 16:20 GMT Monday.
CRO’s outperformance coincides with the announcement of a 20-year, $700-million naming rights agreement between Crypto.com and the Los Angeles’ Staples Center – home to the L.A. Lakers basketball team – which will now be rebranded as the Crypto.com Arena.
Crypto.com also last month recruited Hollywood star Matt Damon as the face of a $100 million television and billboard marketing campaign set to air in more than 20 countries.
Other well-known celebrities such as snowboarder Lindsey Jacobellis, rapper CL and astronaut Scott Kelly have signed up to the campaign, which is aimed at a new breed of retail crypto investors and features the slogan “Fortune Favours the Brave”.
Crypto.com already has active branding partnerships with Formula 1, basketball team the Philadelphia 76ers, French soccer team Paris Saint-Germain, Italian soccer league Lega Serie A, and the Ultimate Fighting Championship.
CRO is the native token of Crypto.com’s own blockchain, though it’s more commonly traded as an ERC20 token on the Ethereum blockchain.
Styled as a utility token for the Crypto.com ecosystem – which revolves around a crypto trading app and a physical Visa debit card – CRO is staked by users to accrue benefits such as higher cashback on card payme...