Crypto.com moves forward with multimillion-dollar renovation of Staples Center following staff cuts

Despite announcing it would cut its staff by roughly 5% in June and the recent market downturn, cryptocurrency exchange Crypto.com has continued to move forward with an agreement to rebrand the Los Angeles-based venue formerly known as the Staples Center.

In a Monday tweet, Crypto.com released an artist’s rendering of some of the changes it planned to implement at the iconic arena in a reported “multimillion-dollar campaign” before many major sports teams begin playing later in 2022. Some of the renovations included new jumbo screens and concession stands, as well as a terrace overlooking the downtown Los Angeles area.

The crypto exchange signed a $700-million agreement with arena owner AEG in November 2021, giving Crypto.com naming rights over the venue for 20 years. In October 2021, Hollywood star Matt Damon plugged the platform in an ad campaign that later went viral. However, many in and out of the crypto space subsequently ridiculed Damon’s appearance and Crypto.com’s “Fortune Favors the Brave” tag line.

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.

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Reactions to the arena’s updates were mixed from Angelenos and crypto users on social media, 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.

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According to data from Cointelegraph Markets Pro, the CRO token price has fallen roughly 16% in the last s days, reaching $0.1257 at the time of publication.