Staples Center in Los Angeles will be renamed Crypto.com Arena

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Staples Center now becomes known as the Crypto.com Arena following an agreement with its owner AEG.

The Staples Center is a multi-purpose arena that has hosted numerous public events such as boxing and basketball competitions, as well as concerts and hockey. It was also home to the Los Angeles Clippers and Los Angeles Lakers of the NBA, as well as the Los Angeles Kings of the NHL and the Los Angeles Sparks of the WNBA.

Crypto.com has bought the naming rights to AEG for $ 700 million over 20 years, according to an announcement. In 1999, Staples paid $ 100 million for 10 years in naming rights.

AEG is a multinational sports and entertainment company that owns multiple facilities and sports franchises.

On Christmas Day, the Los Angeles Lakers will meet the Brooklyn Nets at the Staples Center, who will be updated with a new name and logo for the first time in their history. The arena was built in 1999 and has a capacity of 20,000 people.

The next development is what Dan Goldstein, Chief Revenue Officer of AEG, called an “exciting new chapter”. He went on to say that the “partnership represents the world’s fastest growing cryptocurrency platform and the largest sports and live entertainment business in the world” to build the future of sports and live entertainment.

The Los Angeles Lakers and Los Angeles Kings, who play home games at the Staples Center, will work together as part of the collaboration with Crypto.com. The company will be an “official partner for cryptocurrency platforms” for the two professional sports franchises.

Related: UFC Signs $ 175 Million Sponsorship Deal With Crypto.com

Crypto.com is a Singapore-based cryptocurrency wallet and platform that specializes in the MCO Visa Card, which allows users to earn rewards in multiple cryptocurrencies. While this is the first time Crypto.com has paid money to buy naming rights in sports and entertainment, it isn’t the first time the company has made a dive into the sports sector.

The company has already sponsored sporting events, including a $ 100 million sponsorship agreement with Formula 1 in late June. The Ultimate Fighting Championship signed a $ 175 million sponsorship agreement with Crypto.com in July.