Bye Bye Staples Center. LeBron and The Lakers Will Soon Play in the Crypto.com Arena. The puzzling name change will become official on December 25.
By Emily Rella Edited by Dan Bova
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The rise of interest and invested use in cryptocurrency has been widespread among all industries, with businesses like AMC movie theaters and the Mark Cuban-owned Dallas Mavericks accepting different crypto coins for payments on things like merchandise, tickets and more.
But one major West Coast-based business just took things to a completely new level to show its support for the future of cryptocurrency.
As of Christmas Day this year, the famed Staples Center in Los Angeles will be renamed Crypto.com Arena in a seemingly bizarre and unprecedented move.
The initial rollout of new assets, including a new logo for the arena, will be revealed on the same day during the Los Angeles Lakers vs. New York Nets basketball game.
What was formerly the Staples Center is the official home arena to the Los Angeles Lakers and Clippers (NBA), the LA Kings (NHL) and Los Angeles Sparks (WNBA). Crypto.com will also become the official crypto platform partner for the Lakers and Kings upon the rollout.
Related: AMC Begins Accepting Crypto
The news of the name change was first reported by The Los Angeles Times and confirmed early Wednesday morning on the Staples Center's official Twitter account.
"AEG and Crypto.com announce their historic naming rights partnership for one of the world's most iconic sports and live entertainment venues formerly known as STAPLES Center," the formal announcement said.
AEG Global Partnerships brokered the partnership, with all signage and branding in what was formerly the Staples Center to be replaced by June 2022.
The former Staples Center hosts over 240 events and 4 million guests each year, with 20,000 seats for fans across the arena.
"Known as the Creative Capital of the World, the city of Los Angeles and the people who call it home have always been pioneers, pushing the boundaries and innovating as the undeniable global leaders of culture and entertainment," Crypto.com Co-Founder and CEO Kris Marszalek said in a statement. "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 LA and around the world."
Related: Venmo built crypto trading into its payments app
The new arena will put Crypto.com front and center, including a 3,300 square foot activation at the entrance of the arena and of course, branded all around the building.
"This partnership represents the fastest-growing cryptocurrency platform and the biggest sports and live entertainment company in the world converging to drive the future of sports and live entertainment as well as the incredible legacy of this arena for decades to come," Todd Goldstein, Chief Revenue Officer of AEG chimed in. "It marks an exciting new chapter in the history of our company and our respective industries, and we couldn't be more thrilled to have such a visionary partner like Crypto.com supporting our global fan base and local community."
Crypto.com was founded 5 years ago, serving over 10 million customers with the world's fastest growing crypto app.
It was estimated that Staples Center brought in $8.9 billion in sales in 2019, pre-pandemic.
