In a surprising move, Staples Center is being renamed Crypto.com Arena. The name change will take place on Christmas Day, according to an announcement made by owner AEG.
A Singapore cryptocurrency company by the same name, Crypto.com, paid a whopping $700 million, making the deal one of the highest when it comes to naming rights. The payment will be issued over a span of 20 years.
This, after major trade and investment media supported discourse that dissuaded younger Gen Zers and Millennials to not hope and invest in digital currencies.
If anything, the epic renaming of the Staples Center is essentially a worldwide ad for cryptocurrency, given that the arena is in the second largest metropolitan city in the U.S.
Located in the heart of Los Angeles and as the city’s downtown landmark, the Staples center is home to the Lakers and Clippers professional basketball teams, along with other sports entities. The name change comes after 22 years of the 20,000-seat facility being referred to as the Staples Center.
