The Staples Center in Los Angeles, one of the United States’ largest sports and entertainment venues, will be renamed Crypto.com Arena.
LA’s Staples Center will be called Crypto.com Arena
For $700 million, the Singapore-based business will acquire the rights to the 20,000-seat stadium. It has reached an agreement with Anschutz Entertainment Group (AEG) for a 20-year term.
The Staples Center is home to some of the biggest basketball teams in the world such as the LA Lakers, LA Clippers, and LA Sparks as well as the LA Kings of the NHL.
Since its opening in October 1999, the name of the facility was changed for the first time. For a ten-year period, Staples Inc paid $100 million for the naming rights. It signed a contract in 2009 to extend naming rights indefinitely. However, in 2019, the stadium’s owner, AEG, bought the rights back.
What is Crypto.com?
Crypto.com is an online exchange where people can buy, sell, trade and store cryptocurrencies.
Kris Marszalek, co-founder of Crypto.com told the Los Angeles Times that: “In the next few years, people will look back at this moment as the moment when crypto crossed the chasm into the mainstream.”
In recent years, cryptocurrencies have gotten more engaged in sports sponsorship as the sector tries to gain public recognition.
The company’s business is growing at a rapid rate. Crypto.com already has a number of sports sponsorship agreements with major names in the sector, including a prominent shirt partnership with the Philadelphia 76ers basketball franchise.