The Staples Center in Los Angeles, home of the NBA Lakers and Clippers, WNBA Sparks and NHL Kings, will no longer exist on Christmas Day. According to reports on Tuesday night, the venue will be renamed Crypto.com Arena, another sign that cryptocurrency is entrenched in American society.
An official announcement will likely come as early as Wednesday. According to the Los Angeles Times, the 20-year naming rights deal between Staples Center owner Anschutz Entertainment Group (AEG) and Crypto.com could be worth more than $ 700 million.– considered the largest of its kind in the United States
“Over the next several years, people will see this moment as the moment when crypto broke the chasm into the mainstream,” Crypto.com chief executive Kris Marszalek told The Times on Tuesday night from his home in Hong Kong. “It’s such a brilliant move from the guys at AEG because the next decade is in crypto. And that positions LA, and this place in particular, at the center of it. ”
Axios.com reported on Tuesday night that AEG – which bought the naming rights from Staples in 2019 – was looking for a new arena sponsor over the past summer and that Crypto.com “started to conclude an agreement which involves several experiments and philanthropy “. Components. ”
According to the LA Times, blockchain is sure to become thematic in the arena, with a likely integration of “cryptocurrency payments.” instead, there will be a “dedicated Crypto.com activation space offering crypto-centric interactive experiences for sports or music fans.”
Marszalek went on to say that Singapore-based Crypto.com hopes to become a “top 20 brand over the next 3-4 years, alongside names like Nike or Apple.” The UFC and the Fnatic esports franchise. According to the Times, the company also has an NFT division, a crypto payment software, and has seen its revenue increase by 2,000% in the past year.
Earlier, in March, cryptocurrency exchange FTX signed a 19-year, $ 135 million deal for naming rights at Miami Heat’s place of residence, formerly American Airlines Arena. FTX has long coveted a place in American sports culture and has also struck a deal with MLB.
As for Crypto.com, its logo will first appear on the building for the Christmas Day televised game between the Lakers and the Brooklyn Nets. According to reports, all signage at Staples Center will disappear by June 2022.