There’s a new sheriff in town in Los Angeles. Crypto.com, a crypto trading platform, has obtained the naming rights on the famous LA sports arena home to the Los Angeles Lakers and the LA Clippers of the NBA. Since before the turn of the century, the arena had been known as the Staples Center. A sign of the times, as of December 25, the arena will be called Crypto.com Arena.
Crypto.com has signed a 20 year naming agreement with site owner AEG. The new arena logo will appear over Christmas, but it will be another six months before all exterior signage is complete. According to reports, the deal represents the “largest US site naming rights deal” in history.
Crypto.com the token, which trades under the symbol CRO, rallies to the development and is up 15% on the day.
The deal is a major blow not only for Crypto.com, but for the larger cryptocurrency market, for which the market cap currently hovers at $ 2.6 trillion. Bitcoin alone has a market cap of $ 1.1 trillion. It’s also a signal to critics that crypto is here to stay.
The soon-to-be-renamed Crypto.com Arena in LA has a capacity of 20,000 fans for a single game across hundreds of events each year. In addition to the Lakers and Clippers, the stadium is also home to the LA Kings and Los Angeles Sparks of the NHL and WNBA, respectively. Crypto.com becomes official partner of the Lakers and Kings.
– LA Kings (@LAKings) November 17, 2021
Notch in the belt of Crypto.com
This is not Crypto.com’s first rodeo. The crypto powerhouse recently signed celebrities like Matt Damon to a new ad campaign, and his profile has undeniably increased in professional sports leagues.
Earlier this year, the company announced a partnership with the Ultimate Fighting Championship (UFC). This deal just expanded to also include a range of digital collectibles known as NFTs related to Mixed Martial Arts (MMA). The NFT set will feature items ranging from championship belts and athlete profiles to individual fight illustrations.
In addition, Crypto.com has also recently partnered with the Lega Serie A and is the official crypto and NFT sponsor of the 2021 Coppa Italia football league.
For some athletes, the change of name from Staples to Crypto.com Arena will take some getting used to. LA Clippers player Paul George revealed at a press conference that he loves crypto and NFTs. He said it was a growing market, a market that he is learning from the people around him, adding:
“It’s no surprise that crypto has found a way to get its hands on our arena.”
Paul George confirms he loves crypto and NFTs. pic.twitter.com/6rYcOvB6IC
– Farbod Esnaashari (@Farbod_E) November 17, 2021
The Staples Center has a certain nostalgia for George. He suggests that the name change “destroys history” but recognizes that there is “a new story to be written”. He looks forward to when the Lawn mowers do the Inglewood Intuit Dome its home in 2024.