Despite announcing it would cut its staff by roughly 5% in June and the recent market downturn, cryptocurrency exchange Crypto.com has continued to move forward with an agreement to rebrand the Los Angeles-based venue formerly known as the Staples Center.
In a Monday tweet, Crypto.coman artist’s rendering of some of the changes it planned to implement at the iconic arena, in a “multimillion-dollar campaign” before many major sports teams begin playing later in 2022. Some of the renovations included new jumbo screens and concession stands, as well as a terrace overlooking the downtown Los Angeles area.
The legacy continues✨ Take an inside look at the newArena and step into the future
— Crypto.com Arena (@cryptocomarena)
The crypto exchangewith arena owner AEG in November 2021, giving Crypto.com naming rights over the venue for 20 years. In October 2021, Hollywood star Matt Damon in an ad campaign which later went viral. However, many in and out of the crypto space subsequently and Crypto.com’s “fortune favors the brave” tag line.
Amid the market downturn in June, Crypto.com CEO Kris Marszalekthe exchange would be cutting 260 people from its corporate workforce, or 5% of all employees at the time. In addition, the company said in May it for its Cronos ( ) token for most tiers of its VISA prepaid card. Despite the restructuring, the exchange has moved forward with , Italy, Cyprus, and the United Kingdom.
Reactions from Angelenos and crypto users on social media to the arena’s updates were mixed, with someat their displeasure with the company’s decision to reduce staking rewards and others making connections to its ad campaign.
“Brave of them… maybe fortune favor them,”Redditor DadofHome.
A step in the future and CRO price to the hell
— Simone Citterio (@monecitty)
According to data from Cointelegraph Markets Pro, the CRO token price has fallen roughly 16% in the last 7 days, reaching $0.1257 at the time of publication.