LA’s Staples Center to be renamed Crypto.com Arena

The Staples Center sports and entertainment arena in downtown Los Angeles will be renamed the Crypto.com Arena under a naming rights agreement, the venue’s operator said.

The 20-year agreement for the AEG-owned and operated venue, which is home to the NBA’s Los Angeles Lakers and LA Clippers, the NHL’s LA Kings and the WNBA’s Los Angeles Sparks, will be effective from Christmas Day, AEG said.

It will be renamed on Dec. 25 and a new logo will be unveiled Christmas Day, when the Los Angeles Lakers host the Brooklyn Nets.
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The Los Angeles Times, citing unidentified sources, reported that the Singapore-based Crypto.com platform paid more than $700 million for the naming rights. Crypto.com was not immediately available for comment though it confirmed the deal in a statement on its website.

In over 20 years, the venue has been the stage for high-profile events like the Grammys and concerts by the likes of Taylor Swift, Beyoncé and Ed Sheeran.

The 20,000-seat STAPLES opened its doors in 1999 in downtown Los Angeles and has hosted hundreds of events.
“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 Co-Founder and CEO, Kris Marszalek in a statement.
“We’re very excited about partnering with AEG and investing long term in this city, starting with Crypto.com Arena in the heart of downtown, and using our platform in new and creative ways so that cryptocurrency can power the future of world class sports, entertainment and technology for fans in LA and around the world.”

Todd Goldstein, chief revenue officer of AEG, said it marks an exciting new chapter.

“This partnership represents the fastest-growing cryptocurrency platform and the biggest sports and live entertainment company in the world converging to drive the future of sports and live entertainment as well as the incredible legacy of this arena for decades to come,” he said.

In over 20 years, the venue has been the stage for high-profile events like the Grammys and concerts by the likes of Taylor Swift, Beyoncé and Ed Sheeran.

Cryptocurrencies have attracted a surge of interest in recent months, as mainstream investors and companies embrace bitcoin and other digital token.

In a joint statement published on the Staples Center’s website, the parties said that the deal would make Crypto.com an official cryptocurrency platform partner of the Los Angeles Lakers and the LA Kings.

Recently, soccer club Paris St Germain announced that Lionel Messi’s signing fee at the club included some cryptocurrency fan tokens.

Crypto.com was founded in 2016. The actor Matt Damon is an investor in the platform and he recently took part in a campaign to promote it.

Reuters/NBC/Hauwa Abu