The crypto space has been abuzz recently with news of Crypto.com sealing a massive deal that saw it become the new Staples Center. In the $700 million deal, the infamous Staples Center, home to the Los Angeles Lakers, had been renamed to Crypto.com Arena. This is one of the most significant deals that has taken place in the crypto space since its inception.
Crypto.com has been on a streak lately with its marketing moves. The crypto exchange had first released a video ad that featured American actor and producer Matt Damon. This ad had given much credence to the project with its “fortune favors the bold” tagline.
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The most recent deal featured naming rights for Crypto.com, seeing the arena which had housed various LA professional sports teams change its iconic name. Mark Cuban, the owner of the Dallas Mavericks, has weighed in on the name change.
Mark Cuban Approves Of Crypto.com
Speaking to NBA, Mark Cuban shared his thoughts on the recent change of Staples Center to Crypto.com Arena. In the Q&A, Cuban was asked what his thoughts were on the deal, to which he responded that he “thought it was a brilliant deal.”
Cuban has not been one to shy away from airing his views on crypto. The Dallas Mavericks boss is a strong advocate for the adoption of crypto, especially as a payments service. This is evident in his moves to accept cryptocurrencies like Bitcoin and Dogecoin on the official Dallas Mavericks website and store.
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Cuban also expressed his satisfaction with what the crypto companies were doing. Pointing to Crypto.com, FTX, and Voyager, Cuban said these companies were “crushing it.” He also pointed to the fact that these companies were relatively unknown not too long ago and have seen major successes in their field. “These crypto companies that you don’t know and haven’t heard of before actually have phenomenal businesses,” Cuban said.
Bring The Companies Back Home
Cuban was excited about the success that companies like Crypto.com have found in recent times. However, he had one problem with where a lot of these businesses are located. Pointing to the beginning of the Internet era, the billionaire pointed out that these companies are not domiciled on American soil as it was with the Internet companies. Instead, these crypto companies are spread out globally.
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“The only problem is unlike the early days of the Internet where they’re all U.S.-based, because of the uncertainty with crypto regulation here, you’ve got some of these companies based outside of the United States run by Americans.”
Cuban expressed that this was the issue he had right now with these businesses, wanting them to be on American soil. “But beyond that, it’s brilliant,” Cuban added.
Featured image from Financial Times, chart from TradingView.com