Is “Crypto.com’s Branding Strategy Clever” Enough?
An exchange not particularly popular until recently, but dedicated to the trading of cryptocurrency assets became a perfect example of how you can both elevate your brand and contribute to the greater good by innovating in the digital realm!
Crypto.com has splashed out so much money to sponsor professional sports teams, the UFC, MMA and Formula 1 racing, not to mention among other ventures. And most recently, it made a huge move, paying $700 million for branding rights for the stadium once known as the Staples Center in Los Angeles. Yet the CRO coin has leapt up the popularity tables following a bold advertising strategy. As a result of all this marketing, the price of CRO tokens rose from 10 cents during the summer to 90 cents in November. Since then, the price has dipped back to the 50 cent range. Its surging price comes amid a broader period of consolidation in most crypto markets, with bitcoin trading down more than 5% and Ethereum down 2%, it’s been an impressive run! But will CRO live up to the hype?
The downside of this clever marketing is that its always a red flag when a management team prioritizes non-essential costs before gaining a solid sustainable profit. Usually, when business make a big flashy buy but have a limited one budget, indicates that management may be getting ahead of itself; in this type of situations, the organization might not be able to outdo itself in years to come. Think back to some other companies that paid up for stadium naming rights; The Adelphia Coliseum, Chesapeake Energy Arena, among others. All these firms had dramatic falls from grace, with outright fraud in some cases. May be, the case is different with Crypto.com because the core of the business is more on hype than the actual bases. Nonetheless, Crypto.com offers everything a crypto native or newcomer might need or want. Spot and derivatives trading, centralized and decentralized financing services, NFTs, point of sale solutions and staking rewards.
The tide is starting to shift, yet, with the company choosing an aggressive brand and culture-based marketing strategy. The new campaign featuring one of the world’s biggest actors, Matt Damon, is having an almost immediate impact. The price of its token has surged hundreds of percent during a bad stretch for cryptocurrency at large, and in the cryptocurrency space, having a token that is going up is the best sort of marketing available- the ability to convert this temporary buzz into a lasting business is the real deal.
Will CRO live up to the hype?
