The Crypto.com Coin has surged to a new all-time high after the Hong Kong company behind the token bought the naming rights to the Staples Center, the arena where the Los Angeles Lakers and Kings play basketball.

The CRO token surged 37.9 per cent to US56.8c, and had earlier traded as high as 57.8c, following the announcement of the US$700 million, 20-year deal.…