The cryptocurrency platform Crypto has bought Lakers’ Staples Center naming rights for $700 million

 

In December, the iconic Staples Center in Los Angeles will see a name change. Next month it will be called Crypto.com. Arena. A Singapore based cryptocurrency platform has bought naming rights of the home arena of the Los Angeles Lakers and the WNBA’s Sparks for a reported $700 million.

Although the terms of agreement have not been released publicly, a source told NBC that the deal was worth $700 million and the contract was for 20 years. The name change will take place on December 25.

The arena released a statement late Tuesday, dated Wednesday that mentioned the renaming of the Staples Center on Christmas Day. On the day, the Los Angeles Lakers will host the Brooklyn Nets as a part of the National Basketball Association’s (NBA) games on Christmas Day. It will be aired on ABC and ESPN, which are owned by Disney.

The statement did not mention the amount paid for the deal. The Crypto platform is a trading and services platform. It is used to exchange Bitcoin, Ethereum, Dogecoin and other digital coins. It claims that actor Matt Damon is its pitchman. It has over 10 million users. It earns its revenues through transaction fees.

The cryptocurrency platform will gain good brand exposure as it has associated itself with one of the top NBA teams in the nation. The platform is hoping to position itself favorably to gain market share in the fast growing digital currency space.

The Crypto platform has reached a 20-year naming rights agreement with A.E.G. entertainment company. The Los Angeles based company operates the venue. The entertainment company is controlled by a billionaire investor named Philip F. Anschutz.

The Staples Centers which will be called Crypto.com Arena in a matter of weeks is not the only major sports arena that has got a cryptocurrency brand as its name, this year. Earlier in the year, FTX, a cryptocurrency exchange based in Hong Kong had signed an agreement with Miami Heat and the local authorities. The NBA team played in the arena called American Airlines Arena. After striking a $135 million deal with the Hong Kong based company, the arena has been renamed as the FTX Arena.

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