$CRO Price Jumps After Crypto.com Reveals It’s Set to Run a Super Bowl Ad
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The price of $CRO, the native cryptocurrency of the Crypto.org and the Ethereum Virtual Machine compatible blockchain Cronos, has jumped nearly 14% after it was revealed Crypto.com is set to run an ad in the 2022 Super Bowl in a bid to become a household name.
According to data from CryptoCompare, the price of $CRO is currently up over 13% in the last 24-hour period and up over 21% in the last five days, as investors are betting on the cryptocurrency’s growing use cases and on the company’s marketing efforts.
According to the Wall Street Journal, Crypto.com’s ads are meant to help it become a household name. The company has, as CryptoGlobe reported, paid $700 million for a 20-year deal giving it the naming rights to the Los Angeles Staples Center. The center is now set to become the Crypto.com Arena, and the move has helped the price of $CRO skyrocket.
The company has also signed a sponsorship deal with Los Angele’s Angel City Football Club, and earlier this year teamed up with actor Matt Damon for a commercial titled “fortune various the brave.”
The Super Bowl ad deal will see Crypto.com appear alongside popular brands such as shopping-rewards platform Rakuten Rewards, sports-betting operator DraftKings, Avocados from Mexico, and TurboTax.
Crypto.com will notably not be the only cryptocurrency-native platform to make a Super Bowl ad appearance, as cryptocurrency trading platform FTX is also pushing its brand during the event. NBCUniversal, part of Comcast, is reportedly asking for $6.5 million for 30 seconds of advertising time during the game.
According to Crypto.com’s chief marketing officer, Steven Kalifowitz, the company’s strategy is to show it is now just a passing trend and that it can be trusted. Kalifowitz was quoted saying:
There’s a lot of people saying crypto is a fad, just the way they said the internet was a fad. Crypto is really the basis of the next version of the internet.
The cryptocurrency exchange has in the past advertised with Formula One, the Ultimate fighting Championship, and in professional basketball in bids to reach different people.
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