(Businesshala) – Staples Center’s sports and entertainment area in downtown Los Angeles will be renamed Crypto.com Arena as part of a naming rights agreement, the venue’s operator said.
AEG said the 20-year agreement for the AEG-owned and operated venue, which is home to the NBA’s Los Angeles Lakers and LA Clippers, the NHL’s LA Kings and the WNBA’s Los Angeles Sparks, will take effect on Christmas Day.
The Los Angeles Times, citing unnamed sources, reported that the Singapore-based Crypto.com platform paid more than $700 million for the naming rights. Crypto.com was not immediately available for comment, although it confirmed the deal in a statement on its website.
For more than 20 years, the venue has been the stage for high-profile events such as the Grammys and concerts by the likes of Taylor Swift, Beyoncé and Ed Sheeran.
The cryptocurrency has attracted increased interest in recent months as mainstream investors and companies adopt bitcoin and other digital tokens.
In a joint statement published on the Staples Center website, the parties said the deal would make Crypto.com an official cryptocurrency platform partner for the Los Angeles Lakers and LA Kings.
Recently, soccer club Paris Saint-Germain announced that Lionel Messi’s signing fee at the club includes some crypto fan tokens.
Crypto.com was founded in 2016. Actor Matt Damon is an investor in the platform and recently participated in a campaign to promote it.