The name change marks the end of an era for Downtown Los Angeles Stadium.
The iconic Staples Center in Los Angeles will change its name to the Crypto.com Arena this Christmas, marking the end of an era for the stadium and becoming the latest signpost to push cryptocurrency toward the mainstream.
Recognizing these technologies will be at the forefront of powering the future of culture, creativity and entertainment in Los Angeles, stadium operators said in a statement on Wednesday, as cryptocurrency trading has grown among individual investors throughout the pandemic.
Since opening its doors in 1999, the 20,000-seat venue has been called the Staples Center, after the office supply chain.
The venue has gained national prominence after hosting major events such as the 2000 Democratic National Convention, 19 of the last 21 Grammy Awards shows, and concerts by global superstars including Beyoncé and Taylor Swift. It is also home to the NBA’s Los Angeles Lakers and Clippers, as well as the NHL’s Los Angeles Kings and the WNBA’s Los Angeles Sparks.
Singapore-based crypto trading platform and non-fungible token marketplace, Crypto.com, did not release details on how much it paid for its newly named stadium in Los Angeles. The deal was brokered by sports and live entertainment giant AEG Global Partnership, which owns and operates the sector.
Starting on Christmas Day, when the Lakers host the Brooklyn Nets, the stadium will unveil its new logo and interior signage. All exterior signage will be replaced by June.
“Known as the creative capital of the world, the city of Los Angeles and the people who call it home have always been at the forefront, pushing boundaries and innovating as the undisputed global leaders of culture and entertainment,” crypto.com Chris Marszalek, co-founder and CEO, said in a statement on Wednesday. “We are very excited about partnering with AEG and investing in this city long-term, starting with the Crypto.com Arena in the heart of the city, and using our platform in new and creative ways to help the cryptocurrency world.” To power the future of class sports, entertainment and technology for fans in LA and around the world.”
Crypto.com recently added actor Matt Damon as a spokesperson as it attempts to enhance brand recognition in the US.
“This partnership represents the fastest growing cryptocurrency platform and the world’s largest sports and live entertainment company, working to advance the future of sports and live entertainment,” said AEG Chief Revenue Officer Todd Goldstein. Goldstein said this is “an exciting new chapter in the history of our company and our respective industries.”
The name change is a trend seen elsewhere in the US, as earlier this year Venmo and PayPal announced they would begin letting users buy and sell crypto on their apps.