LA’s Staples Center changes name to Crypto.com Arena in a reported $ 700 million deal | Currency News | Financial and business news

Staples Center exterior in Los Angeles in November 2021

  • The Los Angeles’ Staples Center sports ground – home to the Lakers, Clippers, Kings and Sparks – will be renamed the Crypto.com Arena.
  • The cryptocurrency exchange paid more than $ 700 million for the 20-year-old naming rights, the LA Times reported.
  • With the renaming, which starts on December 25, the Singapore-based company is following marketing initiatives from people like FTX.

Los Angeles’ legendary Staples Center sports venue gets a new name – Crypto.com Arena.

The Singapore-based crypto platform scored marketing slam dunk by signing an agreement with venue owner AEG on 20-year naming rights, the companies said on Tuesday.

On December 25, the official home of the NBA team Los Angeles Lakers will change its logo and in-arena signage for their face-off with the Brooklyn Nets.

Three other professional sports teams – the NBA’s LA Clippers, NHL’s LA Kings and WNBA’s Los Angeles Sparks – also host their matches at the stadium, which has been called the “Staples Center” since it opened in 1999.

Crypto.com paid out more than $ 700 million for the rights, the Los Angeles Times reported, citing sources familiar with the terms. That price tag makes it one of the most expensive renaming deals in sports history, it says.

“In 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 said according to the report.

As part of the agreement, Crypto.com signed up the Lakers and Kings as official partners. The crypto exchange and the NFT marketplace have been in a marketing flash, and it recently hired Hollywood actor Matt Damon for a branding campaign to drive growth from its existing 10 million users.

Other crypto companies use the world of sports to raise their profile. Sam Bankman-Peace Stock Exchange FTX took up the naming rights to Miami Heats Stadium in a $ 135 million deal and bought an ad for the 2022 Super Bowl in an aggressive marketing campaign.

“Sports fans are twice as likely to know about crypto than non-sports fans,” FTX CEO Bankman-Fried said. “Generous sports fans are almost 3 times as likely.”

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