LA’s Staples Center is being renamed to ‘Crypto.com Arena’
New name: “Crypto.com Arena” for Staples Center home of Los Angeles sports teams like the Lakers, Clippers, Kings, and Sparks. According to the LA Times, the cryptocurrency exchange paid more than $700 million for 20-year branding rights, making it one of the largest such agreements in history. In 1999, Staples paid $100 million for 10 years of rights.
It’s rumoured that the new logo will be unveiled on Christmas Day, and Staples Center branding will be taken away by June. According to Kris Marszalek, CEO of Crypto.com, “In the next few years, people will look back at this moment as the moment when crypto crossed the chasm into the mainstream,” When it comes to the future of cryptocurrency, AEG has made a good decision.
However, Clippers forward Paul George isn’t so sure. It was “I grew up with … Staples Center being the place to play and the place to be,” he tells Ben Golliver of The Washington Post. “It will definitely be weird. It’s the same location, but it‘s kind of stripping the history here… Good thing we won’t be here too long.” Staples Center is the only NBA venue where two teams share the same arena. The new Intuit Dome will be built in 2024.
One of Crypto.com’s most notable offerings is a Visa rewards debit card that can be used to pay for purchases made using cryptocurrencies saved in users’ accounts after they’ve been sold on the exchange. A $100 million sponsorship contract with Formula 1 was signed earlier this year, and the corporation has also partnered with Paris Saint-Germain, the Philadelphia 76ers, and the Montreal Canadiens in other sports.
Dapper Labs and the NBA have joined to build the Top Shot trading card platform, one of the most mainstream applications of NFTs to date, which is why the NBA is embracing blockchain technology. This year, the American Airlines Arena in Miami was renamed after the crypto exchange FTX.