Crypto.com’s CRO token more than tripled in November, becoming the month’s top-performing cryptocurrency, after the company announced new marketing initiatives involving hiring Oscar-winning actor Matt Damon to star in an advertising campaign and purchasing a naming-rights deal with the Staples Center, where the Los Angeles Lakers basketball team plays.
The cryptocurrency exchange and credit-card issuer founded in 2016 now has a market cap of more than $17 billion, making it the top performer in November among digital assets with a market cap above $10 billion, according to Messari.
At press time, the CRO price was around $0.70, up 226% on the month. That compares with an 83% gain for the month’s second-biggest gainer, Avalanche’s AVAX token. Bitcoin, the largest cryptocurrency by market cap, slid 4.5% in November.
“Crypto.com’s recent marketing initiatives have certainly played a role in CRO’s gains,” said Clara Medalie, research lead at Kaiko, a market data provider.
On Nov. 17, Crypto.com purchased naming rights for Los Angeles’ Staples Center. In late October the company’s $100 million campaign “Fortune Favors the Brave,” featuring actor Matt Damon, began running.
Adding to the global marketing initiatives, Crypto.com announced it would become an official partner of CONMEBOL Copa Libertadores, the highest level of club soccer team competition in South America.
“Exchanges are increasingly leveraging massive marketing initiatives to boost name brand recognition, and this is having a strong effect on token prices, which have historically been highly reactive to bullish exchange announcements,” said Medalie.
Update (Nov. 30, 15:48 UTC): Clarifies the Matt Damon ad began running in late October in the fifth paragraph.
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