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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.
“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.