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Cryptocom: Progress on renovation of the Staples Center in Los Angeles



 Cryptocurrency exchange Crypto.com announced in June that it would reduce its workforce by about 5 percent and the market is also currently in a downturn. Nevertheless, the exchange continues to work on an agreement to rename the former Staples Center in Los Angeles.


In a tweet on Monday , Crypto.com published an artist's rendering of the planned changes to the iconic stadium as part of a "multi-million dollar campaign" before many major sports teams then start playing. These changes include new giant screens and kiosks, as well as a patio overlooking downtown Los Angeles.



The crypto exchange signed a $700 million deal with stadium owner AEG in November 2021, under which Crypto.com will have naming rights to the sporting venue for 20 years. In October 2021, Hollywood actor Matt Damon promoted the platform in a spot that went viral. Damon's performance and Crypto.com's "Fortune Favors the Brave" tagline were poked fun at by many people inside and outside of the crypto industry . Translated, the slogan means something like "luck is on the side of the brave".


Amid the market downturn in June, Crypto.com CEO Kris Marszalek announced that the exchange would lay off 260 employees. Also in May, the company announced it would reduce staking rewards for its Cronos ( CRO ) token across many tiers of its VISA prepaid card . Despite the restructuring, the exchange has received listings in South Korea, Italy, Cyprus and the UK.


Reactions to the stadium news were mixed among fans in Los Angeles and crypto users on social media. Some people criticized the move to reduce staking rewards, while others once again poked fun at the ad.


"Brave of them... Maybe they'll be lucky," says Redditor DadofHome


According to data from Cointelegraph Markets Pro, the price of the CRO token is down about 16 percent over the past few days, trading at $0.1257 at press time.

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