Famed Sports Venue Purchased by Cryptocurrency Platform
Author: Amanda McFerren
Starting Christmas Day, the famed Los Angeles Staples center will be renamed Crypto.com Arena – signaling the extent of the growth of the crypto market and its entrance into popular culture. The arena, which has existed in Los Angeles since 1999, is home venue to some of America’s most famous sports teams – including the LA Kings and the Los Angeles Lakers – as well as being a multipurpose venue hosting sports, concerts, awards shows, and even political conventions with the capacity to seat 8,000-21,000 people depending on the event. To rename the center, Crypto.com is reported to be paying $700 million over the course of 20 years. While the exact financial terms of the deal have not been published, it has been called the most expensive naming rights deal in sports history.
The company taking over the center’s title, Crypto.com, is a cryptocurrency platform and exchange based in Singapore. The company is only 5 years old, but has bought multiple sports arenas over the past year ranging from Italy, France, Canada, and more, as well as purchasing team sponsorship deals. The coverage received for the company by having their name attached to some of the most famous sport teams in the world will undoubtedly draw more interest and attention to the crypto world, possibly bringing a number of new participants into the crypto world, or, at the very least – a widespread cultural knowledge of the sites existence.