For $700 million, Crypto.com acquires the name rights to Los Angeles’ Staples Center.

Quick Take

• Crypto.com announces partnership with Staples Center owner AEG.
• The new name will go into effect on December 25 as part of a 20-year agreement.
• A new logo will be released on that day, but all external signage will not reflect the new name until around June.

According to stakeholders late Tuesday, the Staples Center in downtown Los Angeles, one of the most recognized sports and music venues built in the last 25 years, will be renamed Crypto.com Arena

According to a statement by cryptocurrency website Crypto.com, the arena will be branded as Crypto.com Arena following a partnership with Staples Center owner AEG, the entertainment juggernaut connected with Denver billionaire Phil Anschutz.

the naming arrangement also includes Crypto.com being a “official cryptocurrency platform partner” of the Los Angeles Lakers and Los Angeles Kings, both of which play their home games at the stadium. According to Crypto.com, the new name will go into effect on December 25 as part of a 20-year agreement, and a new logo will be released on that day, but all external signage will not reflect the new name until around June, as previously stated.

Managing director of Crypto.com, Kris Marszalek, remarked in a statement, “We’re really excited to be partnering with AEG and making a long-term commitment to this community, beginning with Crypto.com Arena in the heart of downtown and utilizing our platform in new and innovative ways.”

The Singapore-based firm, which enables users to purchase and exchange cryptocurrencies, recently produced commercials starring Matt Damon to promote its services.

When the Staples Center opened in 1999, it was known as the Staples Center. It has since hosted Lakers championships, Grammy Awards, and memorial services for Kobe Bryant and Michael Jackson.

As part of the L.A. Live complex, it was constructed with the assistance of a now-defunct local community redevelopment organization, and it shares a building with its sister AEG venues. Following the implementation of tax breaks to encourage nearby hoteliers, management of the adjacent Convention Center was handed over to an AEG partner for the duration of the project.