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On Christmas day, the Los Angeles Staples Center, will be renamed to Crypto.com Arena according to a press release.
The venue is most notably known as the home of the LA Lakers, but is also host of other professional sports teams including the LA Clippers, LA Kings and LA Sparks. The soon-to-named Crypto.com Arena is located in what can often be a bustling downtown area.
The crypto exchange, headquartered in Singapore, secured the naming rights from AEG for a period of 20 years worth $700 million.
The $700 million deal contributes to one of the largest naming deals in sports history. Nevertheless, AEG has not commented on the amount.
The Los Angeles sports temple will officially be rebranded on December 25 when the Lakers play the Brooklyn Nets. By June 2022, all other referrals and external signs to the previously named Staples Center will have changed to reflect the new partnership.
Crypto.com will also become the official partner of the Los Angeles Lakers and the LA Kings and the exchange is already present in many sports including the Formula 1 and UFC. It recently launched global ad campaign starring movie super star, Matt Damon.
Rival crypto exchanges, like Coinbase and FTX, have recently also been securing partnerships and ambassadors in sport at rapid pace. FTX for example tied its name to the home of the Miami Heat, the FTX Arena and Cal Memorial Stadium was rebranded to FTX Field in the summer. Coinbase recently hit home a deal with the NBA.