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

[ad_1]

Staples Center will now be known as Crypto.com Arena after an agreement with its owner, AEG.

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

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

AEG is a multinational sports and entertainment company with multiple facilities, as well as sports franchises.

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

As for the next development, AEG’s chief revenue officer Dan Goldstein called it an exciting new chapter. He went on to say that the partnership represents the world’s fastest growing cryptocurrency platform and the world’s largest live sports and entertainment company, combining to build the future of sports and live entertainment.

The Los Angeles Lakers and Los Angeles Kings, who play at home at Staples Center, will partner with Crypto.com in the collaboration. The company will be an official cryptocurrency platform partner for both 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 Visa MCO card, which allows users to earn rewards in multiple cryptocurrencies. While this is the first time Crypto.com has paid money to buy sports and entertainment naming rights, it is not the first time the company has entered the sports business.

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

[ad_2]