Cryptocurrency platform Crypto.com has acquired the naming rights of popular home stadium Staples Center in a $700 million deal. The latest move piles on the several sports marketing deals made by the platform in recent months.
Announcing the 20-year deal on Tuesday, the Singapore-based exchange will inaugurate the new name of the Los Angeles complex on Christmas day. Moreover, the new logo will be revealed on the same day before the LA Lakers vs. Brooklyn Nets match.
Staples Center, now Crypto.com Arena, is the official home of the NBA’s Los Angeles Lakers and LA Clippers, the NHL’s LA Kings, and the WNBA’s Los Angeles Sparks. Presumably becoming the richest naming rights deal in sports history, the parties are yet to disclose the financial aspects of the agreement.
The multi-purpose arena, built-in 1999, is owned and operated by Anschutz Entertainment Group (AEG). Over the years, the arena has been known to host some of the most prominent events including music concerts, the Grammy awards, and more.
Crypto.com co-founder and CEO Kris Marszalek commented:
“We’re very excited about partnering with AEG and investing 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 future of world class sports, entertainment and technology for fans in L.A. and around the world.”
Crypto.com and the arena operator AEG are allegedly looking to expand partnerships beyond naming rights, possibly to integrate crypto payments into ticket purchases in the future.
Crypto.com’s latest marketing strategy has shadowed several other deals made by other crypto platforms to promote their brands amongst sports enthusiasts. Crypto exchange FTX had just made headlines after acquiring naming rights for the Miami Heat arena in a $135 million deal.