Crypto platform Crypto.com has reached an agreement to rename the Staples Center sports arena to Crypto.com Arena, where NBA teams Clippers and Lakers, as well as NHL team Los Angeles Kings play.
As part of the 20-year deal, the arena's owner and operator, Anschutz Entertainment Group, will receive $700 million.
The arena's new logo will be unveiled on December 25 during the Lakers' game against the Brooklyn Nets. All current Staples Center signage will be replaced in June 2022, before the start of next season.
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Crypto.com will also work directly with the Los Angeles Lakers and Los Angeles Kings as part of the deal. The arena is supposed to be used for cultural events.
The 20,000-seat arena hosts award ceremonies such as the Grammy Awards, as well as concerts, boxing matches and NBA all-star games. According to Bloomberg, the arena receives around 4 million visitors a year for more than 240 events.
In June, Crypto.com signed sponsorship deals with Formula 1. The platform also collaborates with the UFC, Serie A soccer in Italy, Paris Saint-Germain, the Philadelphia 76ers and Montreal Canadiens.