Los Angeles’ STAPLES Center is getting a new name. Effective December 25th, the multi-purpose sports and entertainment venue will be known as the Crypto.com Arena.
The arena had been known as the STAPLES Center since its opening in 1997. It is the current home of NBA franchises the Los Angeles Lakers and Los Angeles Clippers, as well as of the Los Angeles Kings of the NHL and Los Angeles Sparks of the WNBA. In between sporting events, the STAPLES Center hosts many concerts, with Tyler the Creator, Kacey Musgraves, Journey, and The Weeknd among the bevy of artists who are set to play at the arena in the coming months.
According to the Los Angeles Times, the Singapore-based cryptocurrency exchange Crypto.com is paying $700 million to AEG, the owner and operator of the arena, for the 20-year naming rights. It is believed to be the largest deal of its kind in history.
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As part of the rebrand, the Crypto.com Arnea will include a 3,300-square foot “activation space” featuring crypto-centric interactive experiences for sports or music fans.
Incidentally, the Crypto.com Arena won’t be the first American sports complex to get a crypto rebrand. Earlier this year, the cryptocurrency exchange FTX purchased the naming rights to Miami’s American Airlines arena in a deal valued at $135 million.