In a sign of the times, effective Dec. 25, the Staples Center will be called Crypto.com Arena.
There is a new sheriff in town in Los Angeles. Crypto.com, a crypto trading platform, has secured the naming rights on the famous LA sports arena where the NBA’s Los Angeles Lakers and LA Clippers call home. Since before the turn of the century, the arena has been known as the Staples Center. In a sign of the times, effective Dec. 25, the arena will be called Crypto.com Arena.
Crypto.com inked a 20-year naming agreement with venue owner AEG. The new arena logo will go up on Christmas, though it will be another six months before all of the outside signage is complete. According to reports, the deal represents the “largest U.S. venue naming rights deal” in history.
Crypto.com the token, which trades under the symbol CRO, is rallying on the development and is up 15% on the day.
The deal is a major coup not only for Crypto.com but the broader cryptocurrency market, for which the market cap currently hovers at $2.6 trillion. Bitcoin alone has a market cap of $1.1 trillion. It is also a signal to critics that crypto is here to stay.
The LA center that’s soon to be called Crypto.com Arena has a capacity to hold 20,000 fans for a single game across hundreds of events each year. In addition to the Lakers and the Clippers, the venue is also home to the LA Kings and the Los Angeles Sparks of the NHL and WNBA, respectively. Crypto.com becomes the official partner of the Lakers and the Kings.
This is not Crypto.com’s first rodeo. The crypto powerhouse recently signed famous celebrities like Matt Damon for a new ad campaign, and its profile has undeniably been on the rise across professional sports leagues.
Earlier this year, the company announced a partnership with the Ultimate Fighting Championship (UFC). That deal just expanded to also include a line of digital collectibles known as NFTs tied to Mixed Martial Arts (MMA). The NFT set will showcase items ranging from championship belts to athlete profiles to artwork from individual fights.
In addition, Crypto.com also recently partnered with the Lega Serie A and is the official crypto and NFT sponsor of the 2021 Coppa Italia football league.
For some athletes, the name change from Staples to the Crypto.com Arena will take some getting used to. LA Clippers player Paul George revealed at a press conference that he is into crypto and NFTs. He said it’s a growing market, one that he is learning about from people around him, adding,
“It’s no surprise that crypto found a way to get their hands on our arena.”
The Staples Center holds some nostalgia for George. He suggests the name change is “stripping history” but acknowledges that there is “new history to be written.” He is looking forward to when the Clippers makes the Inglewood Intuit Dome its home in 2024.