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Crypto.com Arena Retains Name Despite Shutting Down Institutional Exchange

Forbes | Antonio Pequeño IV | Jun 9, 2023

Image Crypto.com website - Crypto.com Arena Retains Name Despite Shutting Down Institutional Exchange

Image: Crypto.com website

 

Crypto.com, the cryptocurrency giant with over 80 million users, recently confirmed that the closure of its institutional exchange service in the U.S. will not affect its naming rights to the landmark Crypto.com Arena in downtown Los Angeles.

  • No Name Change:
    • Crypto.com entered into a whopping $700 million naming rights agreement with AEG, the arena’s owner and operator, in 2021.
    • Despite online speculation regarding a potential name change, Crypto.com assured that its decision to shut down its institutional exchange for U.S. customers due to low demand does not impact the naming rights to Crypto.com Arena.
    • As Crypto.com solidifies its brand presence through the Crypto.com Arena in Los Angeles, it reflects the company’s resilience and adaptability in an ever-evolving cryptocurrency landscape.  The arena, which was historically known as the Staples Center, remains a significant part of LA’s pulsing sports culture.

See:  16z: 2023 State of Crypto (and Index)

  • Industry Pressure:
    • The decision to cease the institutional exchange comes as cryptocurrency exchanges face increasing governmental scrutiny. For instance, Binance’s U.S. division halted U.S. dollar trades following an SEC lawsuit, which also targeted Coinbase for an alleged trading rules breach.
  • Future Prospects:
    • Crypto.com remains open to evaluating the market and potentially relaunching its institutional exchange for U.S. clients in the future.
    • The shutdown affects fewer than 400 entities and does not impact Crypto.com's widely used retail trading app.

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NCFA Jan 2018 resize - Crypto.com Arena Retains Name Despite Shutting Down Institutional ExchangeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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