The latest report right now is that the LA’s Staples Center is going to be renamed ‘Crypto.com Arena’. I’m betting this is going to be one of the biggest naming rights deals in history.
The Staples Center, home to Los Angeles sports teams which include the Lakers, Clippers, Kings, and even Sparks, is getting a new name: “Crypto.com Arena.” Yes, it’s actually true, it’s known as the Crypto Dot Com Arena.
The cryptocurrency exchange is said to have paid over $700 million for 20-year naming rights, according to LA Times, making it one of the largest of such deals ever. Staples paid about $100 million for the rights for 10 years in the year 1999.
LA’s Staples Center Will Be Renamed ‘Crypto.com Arena’
The logo is reported to be revealed on Christmas Day for the Brooklyn Nets game with the Lakers, and Staples Center branding should be phased out by June.
“In the next few years, people will look back at this moment as the moment when crypto crossed the chasm into the mainstream,” Crypto.com CEO Kris Marszalek tells the LA Times. “This is just such a brilliant move from the guys at [venue owner] AEG because the next decade belongs to crypto.”
According to the verge, the Clippers’ star forward Paul George is not too convinced by this move. “I grew up with … Staples Center being the place to play and the place to be,” he says in comments reported by The Washington Post’s Ben Golliver.
“It will definitely be weird. It’s the same location, but it‘s kind of stripping the history here. Good thing we won’t be here too long.” The Steve Ballmer-owned Clippers are moving to a new arena called Intuit Dome in 2024; the Staples Center is the only arena that is currently shared by two NBA teams.
Crypto.com Based in Singapore
Crypto.com is based in Singapore and it offers a Visa rewards debit card which can be used with cryptocurrencies stored in users’ accounts after being traded on its exchange, and also provides other crypto services like NFTs and its own token.
The company has ventured into sports sponsorship before, including a $100 million deal with Formula 1 earlier this year and various partnerships with teams including Paris Saint-Germain, the Philadelphia 76ers, and the Montreal Canadiens.
NBA No Stranger to Blockchain
The NBA, of course, we all know is no stranger to blockchain technology, has partnered with Dapper Labs to launch one of the Top Shot trading card platforms, one of the most mainstream implementations of NFTs to date.
And earlier this year, the Miami Heat’s home American Airlines Arena was renamed after crypto exchange FTX.