Regardless of saying it might minimize its workers by roughly 5% in June and the latest market downturn, cryptocurrency trade Crypto.com has continued to maneuver ahead with an settlement to rebrand the Los Angeles-based venue previously referred to as the Staples Middle.

In a Monday tweet, Crypto.com released an artist’s rendering of a few of the modifications it deliberate to implement on the iconic area in a reported “multimillion-dollar marketing campaign” earlier than many main sports activities groups start taking part in later in 2022. A few of the renovations included new jumbo screens and concession stands, in addition to a terrace overlooking the downtown Los Angeles space.

The legacy continues✨ Take an inside take a look at the brand new https://t.co/mht717OBXs Enviornment and step into the longer term pic.twitter.com/P9zIUSD1Xg

— Crypto.com Enviornment (@cryptocomarena) August 22, 2022

The crypto trade signed a $700-million settlement with area proprietor 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 advert marketing campaign that later went viral. Nevertheless, many out and in of the crypto house subsequently ridiculed Damon’s look and Crypto.com’s “Fortune Favors the Courageous” tag line.

Amid the market downturn in June, Crypto.com CEO Kris Marszalek announced the trade can be chopping 260 individuals from its company workforce or 5% of all workers on the time. As well as, the corporate stated in Might it might be decreasing staking rewards for its Cronos (CRO) token for many tiers of its VISA pay as you go card. Regardless of the restructuring, the trade has moved ahead with acquiring regulatory approval in South Korea, Italy, Cyprus and the UK.

Reactions to the world’s updates had been combined from Angelenos and crypto customers on social media, with some hinting at their displeasure with the corporate’s resolution to cut back staking rewards and others making connections to its advert marketing campaign.

“Courageous of them… possibly fortune favor them,” said Redditor DadofHome.

A step sooner or later and CRO worth to the hell

— Simone Citterio (@monecitty) August 22, 2022

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Based on information from Cointelegraph Markets Professional, the CRO token worth has fallen roughly 16% within the final s days, reaching $0.1257 on the time of publication.