The Staples Center, home to Los Angeles sports teams including the Lakers, Clippers, Kings and Sparks, is renamed: Crypto.com Arena. Yes, Crypto Dot Com Arena. The cryptocurrency exchange paid more than $ 700 million for 20-year-old naming rights, according to LA Times, making it one of the largest such deals ever. Staples paid $ 100 million for the rights for 10 years in 1999.
The logo will reportedly be unveiled on Christmas Day for the Brooklyn Nets’ game with the Lakers, and Staples Center branding should be phased out in June. “For the next few years, people will look back on this moment as the moment when crypto crossed the chasm into the mainstream,” Crypto.com CEO Kris Marszalek tells LA Times. “This is just such an ingenious move from the boys at [venue owner] AEG, because the next decade belongs to crypto. “
Clippers striker Paul George is less convinced of the switch. “I grew up with … Staples Center is the place to play and the place to be,” he says in the comments reported by Washington Postis Ben Gollier. “It’s definitely going to be weird. It’s the same place, but it kind of clears the story here … Good thing we didn ‘t stay here too long. “The Clippers move to a new arena called the Intuit Dome in 2024; the Lakers and Clippers are currently the only NBA players. teams sharing a home arena.
Crypto.com is based in Singapore and offers a Visa Rewards debit card that can be used with cryptocurrencies stored in users’ accounts after they have been traded on their exchange, as well as providing other crypto services such as NFTs and their own token. The company has ventured into sports sponsorships before, including a $ 100 million deal with Formula 1 earlier this year and various partnerships with teams including the Paris Saint-Germain, Philadelphia 76ers and Montreal Canadiens.
Of course, the NBA is no stranger to blockchain technology, having partnered with Dapper Labs to launch the Top Shot trading card platform, one of the most common implementations of NFTs to date. And earlier this year, Miami Heats’ home, American Airlines Arena, was renamed after the crypto exchange FTX.