Crypto.com, the naming rights partner of Los Angeles’ iconic Crypto.com Arena, announced a $1 million donation to support wildfire relief efforts in the region.
This important contribution will help first responders and provide critical resources to strengthen current and future disaster responses.
The $1 million commitment is part of Crypto.com’s broader commitment to Los Angeles. It maintains strong links with the city through its partnership with AEG (Anschutz Entertainment Group) and its association with the arena that bears its name.
“We have an intimate connection to the city of Los Angeles through AEG and the Crypto.com Arena, and our hearts go out to everyone who has been affected by the tragic wildfires,” said Matt David, President of Crypto.com for North America and Head of Corporate Affairs. Officer.
This donation also reflects the company’s philosophy of leveraging its resources to give back to communities in times of crisis. It complements ongoing support initiatives from Crypto.com partners beyond AEG.
These funds will help equip firefighters and first responders with necessary materials and equipment. It aims to ensure their safety and preparedness in the event of a wildfire emergency. The donation will be split between three key organizations: the Los Angeles Fire Department Foundation, the California Fire Foundation and the Los Angeles Police Foundation.
Crypto.com is not the first industry player to mobilize to fight wildfires. Recently, Ripple and MoonPay jointly donated $50,000 in RLUSD to support wildfire responders in California.
This highlights a growing trend of blockchain companies contributing to disaster relief, suggesting that the sector has the potential to have a positive impact beyond financial services.
Exchange’s progress in the US market
This comes just weeks after the Singapore-based crypto exchange allowed users to trade stocks and ETFs (exchange-traded funds) in the US market. The development indicates that the exchange has improved its relationship with US regulators after halting institutional services in mid-2023.
Despite these developments, Crypto.com remains plagued by legal challenges. For example, in October, it sued the U.S. Securities and Exchange Commission (SEC) after receiving a Wells notice. However, the company later dropped the lawsuit after CEO Kris Marszalek met with President-elect Donald Trump.
Reportedly, the meeting was marked by discussions of industry-friendly regulations in the incoming Trump administration. Since this conversation, the exchange has also entered the US custody market.
More recently, and as BeInCrypto reported, federal regulators have also been examining whether Crypto.com’s futures sports betting violates gaming laws. With Super Bowl-related contracts under increased scrutiny, the Commodity Futures Trading Commission’s (CFTC) review could lead to a ban.
It is worth noting that the CFTC had a similar encounter with prediction markets. This resulted in Kalshi being briefly banned from listing and entering into its cash-settled political event contracts, due to concerns over illegal gambling.
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