The Staples Center, home of the Los Angeles Lakers, Clippers, Kings, and Sparks, will soon be renamed the Crypto.com Arena.
The new name and logo will be introduced on Dec. 25 when the Lakers play the Brooklyn Nets. The arena will replace all of the Staples Center’s merchandise with the new name by June 2022, according to Anschutz Entertainment Group, which owns the stadium.
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“This partnership is about the future,” said Dan Beckerman, president and CEO of AEG, according to multiple outlets. “AEG and Crypto.com not only share a vision about innovation and the future of sports and entertainment, but we also have a shared commitment to our communities where we work and live. We look forward to partnering with Crypto.com to create meaningful initiatives to bring that vision to life in the years to come.”
Crypto.com, a cryptocurrency exchange headquartered in Singapore, will also become an official cryptocurrency partner of the Lakers and the Kings, according to AEG. The agreement will last for at least 20 years.
Neither company publicly disclosed the financial terms of the agreement, but a source told the Los Angeles Times Crypto.com paid over $700 million to AEG for the naming rights.
“Known as the Creative Capital of the World, the city of Los Angeles and the people who call it home have always been pioneers, pushing the boundaries and innovating as the undeniable global leaders of culture and entertainment,” said Crypto.com CEO Kris Marszalek. “We’re very excited about partnering with AEG and investing long term in this city.”
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Many investors have moved to cryptocurrency over the past year partly due to concerns over rising inflation.
Crypto.com describes itself as a company that aims to “accelerate” the global transition to cryptocurrency. The company recently made a deal with Twitch Rivals, an esports tournament event on video game streaming service Twitch, to become an “official global brand marketing partner.”
