Crypto.com snaps up naming rights for the Staples Center in $700 million deal

On December 25, Los Angeles iconic Staples Center will be renamed into Crypto.com Arena.

To claim naming rights, crypto exchange Crypto.com signed a 20-year contract worth $700 million, reported CNBC, citing a person familiar with the deal.

Crypto.com Arena

Staples Center will be renamed to Crypto.com Arena this December, as the LA Lakers host the Brooklyn Nets in the National Basketball Associations annual Christmas Day games.

The deal made between Crypto.com and AEG, the owner and operator of the arena, ties Singapore cryptocurrency exchange in a partnership with the legendary basketball and hockey teams, LA Lakers and LA Kings.

According to the report, Staples paid $116 million over 20 years for the naming rights to the arena, starting in 1999.

“In the next few years, people will look back at this moment as the moment when crypto crossed the chasm into the mainstream,” Crypto.coms chief executive, Kris Marszalek told Los Angeles Times.

Beyond sports events, the venue hosted major events such as the Grammys and claimed an important place in the citys cultural landscape.

Crypto mainstream adoption

“Its a bit of a match made in heaven, when we think about the type of brands that we like to partner with,” AEG president and CEO Dan Beckerman told LA Times.

“Crypto.com is looking for the most unique branding platform to make a statement and drive adoption, and were looking for an innovative, forward-thinking company to help us chart a course for the future of sports and entertainment events,” he added.

Crypto.com already has several commercial sports partnerships, but the first in the NBA go to the Philadelphia 76ers.

To tip off the deal, which made Crypto.com the teams official jersey patch partner, the 76ers announced launching their first-ever non-fungible token (NFT), available through Crypto.com NFT.

Earlier this year, the Singapore-based crypto exchange also signed a deal with the Montreal Canadiens of the National Hockey League and secured a brand presence in the Formula 1′s Sprint series through a $100 million sponsorship.