Crypto.com, the naming rights partner of the iconic Crypto.com Arena in Los Angeles, has announced a $1 million donation to support wildfire relief efforts in the region.
This significant contribution will aid first responders and provide essential resources to bolster current and future disaster responses.
Crypto.com Announces Targeted Relief Efforts
The $1 million pledge is part of Crypto.com’s broader commitment to Los Angeles. It has strong ties to 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 are with all those impacted by the tragic wildfires,” said Matt David, Crypto.com’s President of North America and Chief Corporate Affairs Officer.
The donation also reflects the company’s ethos of leveraging its resources to give back to communities in times of crisis. It complements ongoing support initiatives by Crypto.com’s partners beyond the AEG.
These funds will equip firefighters and first responders with the necessary gear and equipment. It aims to ensure their safety and readiness during wildfire emergencies. The donation will be distributed among 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 step up for wildfire relief. Recently, Ripple and MoonPay jointly donated $50,000 in RLUSD to support California wildfire responders.
This highlights a growing trend of blockchain companies contributing to disaster relief, suggesting the industry has the potential to make a positive impact beyond financial services.
Exchange’s Strides in the US Market
It comes only weeks after the Singapore-based crypto exchange allowed users to trade stocks and ETFs (exchange-traded funds) in the US market. This development indicated the exchange improved its relationship with US regulators after halting institutional services in mid-2023.
Despite these developments, Crypto.com remains marred in legal challenges. For example, in October, it sued the US SEC (Securities and Exchange Commission) after receiving a Wells Notice. However, the firm subsequently dropped the lawsuit after CEO Kris Marszalek met with President-elect Donald Trump.
Reportedly, the meeting featured discussions on industry-friendly regulations in Trump’s upcoming administration. Since this conversation, the exchange also entered the US custody market.
More recently, and as BeInCrypto reported, federal regulators have also been reviewing if Crypto.com’s sports betting futures violate gaming laws. With the contracts tied to the Super Bowl facing scrutiny, the CFTC (Commodity Futures Trading Commission) review may lead to a ban.
It is worth noting that the CFTC has had a similar encounter with prediction markets. This culminated in the brief prohibition of Kalshi from listing and clearing its cash-settled political event contracts amid concerns about unlawful gaming.
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