Key points to remember
- Crypto.com acquired the naming rights for Staples Center in a $ 700 million deal. It will now be called the Crypto.com Arena.
- The deal also sees the LA Lakers and LA Kings become official partners in the cryptocurrency exchange.
- The naming rights deal is one of the biggest in the history of sport.
Share this article
Crypto.com paid $ 700 million to secure a 20-year naming rights deal for the iconic Staples Center in LA, renaming it as Crypto.com Arena.
Crypto.com renames Staples Center
Crypto.com signed one of the biggest naming deals in sports history.
The exchange announced that it had secured the naming rights for the iconic Staples Center in Los Angeles on Tuesday. The venue will now be called Crypto.com Arena.
We are extremely proud to announce that the Staples Center, Los Angeles’ most iconic arena, is changing its name:
– Crypto.com (@cryptocom) November 17, 2021
The 20-year naming rights agreement with live sports and entertainment company AEG is not limited to the name of the venue. Crypto.com will also become an official cryptocurrency platform partner of the NBA LA Lakers and NHL LA Kings, the two teams that currently occupy the site.
AEG and Crypto.com will officially unveil the center’s new logo and arena signage on Christmas Day, when the LA Lakers face the Brooklyn Nets in the new arena.
While the $ 700 million deal includes more than Staples Center naming rights, it’s also significant as it is the biggest naming rights deal in sports history. The highest amount paid for sports stadium naming rights so far was $ 635.5 million, when the Bank of Nova Scotia renamed Air Canada Center in Toronto to Scotiabank Arena. in 2017.
Crypto.com Co-Founder and CEO Kris Marszalek commented on the landmark deal, saying:
“We are very excited to partner with AEG and invest for the long term in this city, starting with Crypto.com Arena in the heart of downtown and using our platform in new and creative ways. so that cryptocurrency can power the world-class future. sports, entertainment and technology for fans in Los Angeles and around the world.
Crypto.com launched a sports marketing campaign this year, partnering with groups like the UFC and Formula 1. However, it is not the only crypto exchange to venture into sports naming rights deals. Earlier this year, FTX signed several high profile sports partnerships. In March, the company paid $ 135 million for the naming rights to the Miami Heat’s stadium, renaming it to FTX Arena. In August, it also bought the naming rights to the California Memorial Stadium football field for $ 17.5 million.
FTX buys naming rights on another sports site
The deal is FTX’s latest big step in a series of partnerships with sports organizations. Enter FTX Field FTX, one of the industry’s leading cryptocurrency exchanges, has hit …
Crypto.com becomes official partner of the UFC
Crypto.com has established a long-term relationship with the largest mixed martial arts organization, Ultimate Fighting Championship (UFC), for on-site advertising and media broadcasts. Crypto.com Partners With UFC Crypto.com Has …
Guide to Yield Farming, Staking and Cash Extraction
Yield farming is arguably the most popular way to make crypto assets profitable. Essentially, you can earn passive income by depositing crypto into a cash pool. You can think of such cash …