Crypto.com Pledges $1 Million to Support LA Wildfire Response
Crypto.com, the naming rights partner of the iconic Crypto.com Arena in Los Angeles, has announced a $1 million investment Donate Support bushfire relief efforts in the region.
This significant contribution will assist first responders and provide necessary resources to enhance current and future disaster responses.
The $1 million commitment 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 connection to the stadium that bears its name.
“Through AEG and Crypto.com Arena, we have a strong connection to the city of Los Angeles and our hearts go out to all those affected by the tragic wildfires.” explain Matt David, President and Chief Corporate Affairs Officer of Crypto.com North America.
The donation also reflects the company’s ethos of using its resources to give back to the community during times of crisis. It complements the ongoing support initiatives provided by Crypto.com partners outside of AEG.
The funds will equip firefighters and first responders with necessary gear and equipment. The purpose is to ensure their safety and preparedness during wildfire emergencies. The donation will be distributed among three primary organizations: the Los Angeles Fire Department Foundation, the Cal Fire Foundation and the Los Angeles Police Foundation.
Crypto.com is not the first industry player to step up to the rescue in the wildfires. Recently, Ripple and MoonPay jointly donated $50,000 in RLUSD to support California wildfire responders.
This highlights the growing trend of blockchain companies contributing to disaster relief, demonstrating the industry’s potential to have a positive impact beyond financial services.
Exchange progress in the US market
Just a few weeks ago, the Singapore-based cryptocurrency exchange allowed users Trade stocks and ETFs (Exchange Traded Funds) in the U.S. market. The development signals the exchange’s improved relationship with U.S. regulators Institutional services to cease in mid-2023.
Despite this progress, Crypto.com still faces legal challenges. For example, in October, Sue the U.S. Securities and Exchange Commission (Securities and Exchange Commission) Received wells notice. However, the company later dropped the lawsuit after CEO Kris Marszalek Meet President-elect Donald Trump.
The meeting reportedly focused on discussing industry-friendly regulations under Trump’s incoming administration. Since this conversation, communication has also Entering the US hosting market.
Recently, as BeInCrypto reported, federal regulators have also been scrutinizing whether Crypto.com Sports Betting Futures Violation of gambling laws. As Super Bowl-related contracts face scrutiny, CFTC (Commodity Futures Trading Commission) review May result in ban.
It is worth noting that the U.S. Commodity Futures Trading Commission (CFTC) has had similar experiences with prediction markets. This culminates in a brief Kalshi banned from listing and liquidation Its cash-settled contracts for political activities due to concerns about illegal gambling.
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