Crypto.com, a cryptocurrency trading platform, and AEG, a sports and live entertainment company, have purchased the naming rights for the Staples Center.
Learn how smart money is playing the crypto game. Subscribe to our premium newsletter - Crypto Investor.
Staples Center, a stadium that is the home of teams like the Los Angeles Lakers, the Los Angeles Clippers and the Los Angeles Kings, will now be renamed to the Crypto.com Arena.
Crypto.com is also forming partnerships with both the LA Lakers and the LA Clippers as part of the deal. The new logo and branding are to be unveiled on Christmas day during the LA Lakers and Brooklyn Nets game.
Crypto.com's Co-Founder and CEO, Kris Marszalek, said that Los Angeles is known as the creative capital of the world and that cryptocurrency can power the future of sports and entertainment.
Recommended for You
"Known as the Creative Capital of the World, the city of Los Angeles and the people who call it home have always been pioneers, pushing the boundaries and innovating as the undeniable global leaders of culture and entertainment," said Marszalek.
"We're very excited about partnering with AEG and investing long term in this city, starting with Crypto.com Arena in the heart of downtown, and using our platform in new and creative ways so that cryptocurrency can power the future of world class sports, entertainment and technology for fans in LA and around the world," added Marszalek.
The stadium seats 20,000 people and has been home to iconic moments in sports and entertainment history, including Kobe Bryant's 81 point game, the LA Kings Stanley cup win in 2012 and the Prince and Beyonce performance at the 2004 Grammys.
Todd Goldstein, the Chief Revenue Officer of AEG, said that the partnership between Crypto.com and AEG represents a convergence of cryptocurrency and the sports and entertainment industry.
"This partnership represents the fastest-growing cryptocurrency platform and the biggest sports and live entertainment company in the world converging to drive the future of sports and live entertainment as well as the incredible legacy of this arena for decades to come," said Goldstein.
"It marks an exciting new chapter in the history of our company and our respective industries, and we couldn't be more thrilled to have such a visionary partner like Crypto.com supporting our global fan base and local community," added Goldstein.