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Crypto.com coin jumps 26% after the exchange buys the naming rights to the home of the LA Lakers
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Marcio Jose Sanchez/AP
The digital coin named after the Crypto.com exchange jumped 26% Wednesday after the platform bought the naming rights to the Los Angeles Lakers Arena.
The Staples Center, home to the Los Angeles Lakers and the Los Angeles Clippers, will be known as the Crypto.com Arena starting December 25, Insider reported. The logo and signs inside the arena will be changed in times for the Lakers' game against the Brooklyn Nets.
With the announcement, the Crypto.com coin, which is the namesake token of the crypto trading platform, jumped 26%. It traded at $0.5321 at 2:36 p.m. in New York, according to CoinMarketCap data. With a value of $13.9 billion, it's the 18th largest coin by market capitalization.
The trading platform paid $700
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