Crypto.com a hit or the next failed ENSOGO?

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Good morning Lions I trust you are safe and well and getting through the mid week slump.

There has been some significant hype recently with news breaking that the Los Angeles Staples Centre named after the Massachusetts office supply company who paid $US100 million for naming rights in 1999 will be changing to Crypto.com Arena who just paid $US700 million for a 20 year naming rights source

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The company's Chief Executive Officer, Kris Marszalek (remember that name as we will return to it shortly) stated that "If I had to pick one place to have naming rights, it would be Staples Center,” in the world’s cultural capital" The change is going to take effect on 25 December 2021. It isn't their first sponsorship as the company has been pursuing many sponsorship opportunities across the sector but this is their largest to date. The breaking news saw the Crypto.com native token CRO climb from $US0.39c to $US0.51c (at time of writing).

What is Crypto.com?

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Crypto.com isn't a new project it was founded in 2016 as Monaco Technologies GmbH by a group of friends Gary Or, Bobby Bao, Kris Marszalek and Rafael Melo and officially launched in November 2018. They seek to drive global adoption of crypto currency to replace modern day banking and have developed a block chain that enables trading, NFT market place and payments. They further seek to streamline crypto payments and will work with merchants to accept CRO as payment for service source.

After five years remaining relatively dormant the project was reignited this year when in October they company went live with their mainnet and further had success when they were accepted for trading on Coinbase at the start of this month (November 2021).

A trail of destruction left in the companies previous business

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Ensogo Founded by the current Crypto.com CEO Kris Marszalek and a string of other businesses aligned to Ensogo which originally traded on the Australian Stock Exchange as E88 collapsed in June 2016 as the CEO Kris Marszalek walked out and established Crypto.com leaving many business owners furious and seeking support from police for fraud as the company took hundreds of thousands of dollars source

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The Crypto.com CEO has both Ensogo and Crypto.com listed on his LinkedIn account which backs up allegations that the founder walked off and went straight into crypto.com. Ensogo also issued a notice to the Australian Stock Exchange (ASX) to place its stock under voluntary trading suspension to prevent mass sell offs at the news of the CEO's exit.
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Kris Marszalek LinkedIN
Further issues embroiled the CEO as he was summond to Thailand as over 2000 Thai people were impacted by the flash sale and loss of funds with further impacted peoples residing in Hong Kong source
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Rafael Melo LinkedIn

The other person which is mentioned throughout the troubled past is Rafael Melo who also joins the Crypto.com team.

At no point am I insinuating wrong doing has been committed and the project has been running for quite some time and the team continues to drive their vision. In my opinion from information provided in the media it does appear that Ensogo came under significant business issues and the team walked off leaving the company to further demise impacting many businesses across South Asia.

The hasty exit of Kris does not provide me personally with confidence that he will be able to lead the team should it experience set backs or able to operate in a competitive market.

The question that is on my lips is that Has Kris and the team learned from their past mistakes and able to battle it out in a highly competitive market or if the going gets tough will they just get up and leave?

What are your thoughts?

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11 comments
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They have excellent marketing at least in my country, and price busted a huge move today. I've enjoyed my experience with them.

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Yea I agree they are everywhere at the moment, CRO is my best performing coin last few weeks by a mile, the passive earning opportunities with it are good too.

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Yeah marketing is great and big spending too on the naming rights

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I've found it interesting to read some of the Twitter replies.

The only negatives come from people who see this name change as being some personal insult to Kobe's legacy.

This just highlights how successful these sorts of naming rights deals can be for brand names if they get in at the right time.

"Staples" Center became so much more than just an arena's naming rights sponsor.

It became completely a part of those winning Lakers teams of the early to mid 00s.

To the point where a failing office supplies company became a part of the legacy.

Amazing.

It's a smart play by crypto.com and if they last the next 20 years, hopefully the next generation will associate the word crypto with the next crop of great moments.

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I've thrown $100 at it purely because it's got those naming rights. I would have thrown more at it if the team didn't have a bad leadership and business past.

They were around when online shopping was a thing and failed in that space and when they failed they just shut up shop and exited allegedly taking with them everyone's cash and then started crypto.com that same month.

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I don't use crypto.com but if people are part of it, they should be wary and checking in on things. If anything seems off, I suggest they be very careful. Although I am not sure if it was the CEOs fault for taking the money or if it was due to the business failing and he ran before things went bad.

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Well, let's see after everything goes into the "public" blockchain. There everything should be visible from the chain perspective, and hopefully protected from their schemes (in case there are any).

Its a lot of money for these things but they also have a lot of investors in the beginning... that now inflated, might just be doing the trick. Anyhow, I like what they have put out, and all I hope is that they learned and want to really revolutionize crypto with this.

But, yeah... never invest whatever you are not whiling to lose.

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Spot on, they also got a few mainstream actors involved also which is awesome. The add looks great.

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The realisation i have come to is that Crypto currency and all related endeavours are not really about creating digital money, they are about creating a real life drama and entertainment. It's not web 3 but really Hollywood 2.0. It's so entertaining to watch.
From Craig Wright to these guys, Satoshi and all the other characters and weird and wonderful projects, hacks and scams, even a guy throwing his computer full of Bitcoin in the dump and everything in between. Never a dull moment.

Who needs television? just get the popcorn out and follow #crypto

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Haha! That's true it is an amazing turn of events in this sector.

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