June 12, 2023

Crypto.com Won’t Change Name Despite Institutional Exchange Shutdown

Published: June 12, 2023 at 12:00 pm Updated: June 12, 2023 at 7:00 am

Edited and fact-checked: June 12, 2023 at 12:00 pm

In Brief

Crypto.com Arena will keep its name despite the exchange’s decision to shut down its US institutional exchange service. The arena’s mobile app will continue to be available to users.

Crypto.com Arena in Los Angeles has confirmed that its name will remain unchanged despite the shutdown of the cryptocurrency exchange’s institutional services in the United States. On June 9, Crypto.com announced it would cease offering its professional client exchange service in the U.S. from June 21. However, the platform’s mobile app will remain available to users.

Crypto.com Won't Change Name Despite Institutional Exchange Shutdown

In a statement to Blockworks, the crypto exchange cited a lack of demand as the primary reason behind the suspension of its institutional exchange services in the U.S. The company pointed out that the current market landscape might have been influenced by strained relations between crypto companies and the U.S. Securities and Exchange Commission (SEC).

Crypto.com made the announcement just as the SEC was filing lawsuits against Binance and Coinbase for alleged violations of securities laws. Regardless of this development, Crypto.com stated via an email to Forbes that the shutdown would not affect the naming rights of the Crypto.com Arena.

Previously known as the Staples Center, the arena hosts several major U.S. sporting franchises, including the Los Angeles Lakers, Los Angeles Clippers, Los Angeles Kings, and Los Angeles Sparks.

Crypto.com token

The value of Crypto.com’s native token, CRO, experienced volatility following the announcement. It lost about 14% of its value, dropping to $0.05074 on June 10 from $0.05858 the previous day. However, it recovered approximately 7% of its losses over the next 24 hours, rising to $0.05498.

In related news, Crypto.com also revealed its plans to integrate with CoinRoutes, a provider of smart order routing and execution services. This partnership aims to improve liquidity access and smooth trading experiences for Crypto.com and CoinRoutes clients.

According to the official sponsor of the World Cup 2022, Crypto.com is partnering with Coca-Cola and digital artist GMUNK to release FIFA-inspired NFTs. The 10,000 NFTs are based on field attacks, tackles, goals, and victories of each team. Fans who register on Coca-Cola’s Fanzone page will get “Piece of Magic” NFTs. The banner is not yet on the page.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Nik Asti