Cryptocurrency exchange Crypto.com has continued to advance with a deal to rebrand the Los Angeles-based facility formerly known as the Staples Center despite declaring in June that it will reduce its workforce by about 5% and the recent market collapse.
In a purported "multimillion-dollar campaign" before several major sports teams start playing later in 2022, Crypto.com published an artist's rendering of some of the alterations it planned to implement to the iconic arena in a tweet on Monday. New jumbo screens, snack stalls, and a terrace with views of downtown Los Angeles were some of the improvements.
Amid the market downturn in June, Crypto.com CEO Kris Marszalek announced the 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 would be reducing staking rewards for its Cronos (CRO) token for most tiers of its VISA prepaid card. Despite the restructuring, the exchange has moved forward with obtaining regulatory approval in South Korea, Italy, Cyprus, and the United Kingdom.
Reactions from Angelenos and crypto users on social media to the arena’s updates were mixed, with some hinting at 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,” said Redditor DadofHome.
According to data, the CRO token price has fallen roughly 16% in the last 7 days, reaching $0.1257 at the time of publication.