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Nov. 17 (Reuters) – The Staples Center sports and entertainment arena in downtown Los Angeles will be renamed Crypto.com Arena under a naming rights agreement, the site operator said.
The 20-year deal for the AEG-owned and operated site, home to the Los Angeles Lakers and NBA LA Clippers, NHL LA Kings and WNBA Los Angeles Sparks, will come into effect on the day of. Christmas, AEG said.
The Los Angeles Times, citing unidentified sources, reported that the Singapore-based platform Crypto.com paid more than $ 700 million for naming rights. Crypto.com was not immediately available for comment, although it confirmed the deal in a statement posted on its website.
For over 20 years, the venue has been the scene of high-profile events like the Grammys and concerts by Taylor Swift, Beyoncé and Ed Sheeran.
November 15, 2021; Los Angeles, California, United States; A general overview of the exterior of Staples Center.
Cryptocurrencies have gained renewed interest in recent months as major investors and companies embrace bitcoin and other digital tokens.
In a joint statement posted on the Staples Center website, the parties said the deal would make Crypto.com an official partner of the Los Angeles Lakers and LA Kings cryptocurrency platform.
Recently, football club Paris St Germain announced that Lionel Messi’s signing fee at the club included cryptocurrency fan tokens.
Crypto.com was founded in 2016. Actor Matt Damon is an investor in the platform and he recently participated in a campaign to promote it.
Report by Maria Ponnerhath in Bengaluru Editing by Robert Birsel
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