The Lakers Staples Center will be named “Crypto.com Arena” in a reported $ 700 million deal

(FILES) Staples Center in Los Angeles, California. (Photo: VALERIE MACON / AFP)

The Los Angeles Lakers ’famous home, the Staples Center, will be renamed next month with a $ 700 million deal with Singapore’s cryptocurrency platform Crypto.com, it was announced on Tuesday.

From Christmas Day, the venue will be known as Crypto.com Arena, the Staples Center bulletin reports.

This is the first time the 20,000-seat venue has been renamed since it opened in 1999.

Crypto.com is a company dedicated to promoting the use of cryptocurrencies, such as bitcoin, on a larger scale.

The company’s CEO, Kris Marszalek, told the Financial Times that the Staples Center deal – which spans 20 years – would finally be seen as a moment when cryptocurrencies crossed the cosmos into the mainstream.

“The idea of ​​a (name) change might have been opposed at first, I think it’s quite natural,” he said.

“But we’re ready to work with the local community and prove to them that this is a change for the better and will help build a better future for LA and its fans.”

The Staples Center is owned by Anschutz Entertainment Group. AEG CEO Dan Beckerman described the naming agreement as a “match made in heaven” in his comments to the Los Angeles Times.

Although the branding will take effect on December 25, the signage for the venue will not change until June 2022.

The Staples Center is synonymous with the Lakers, but the arena also features the Los Angeles Clippers, the WNBA’s Los Angeles Sparks and the National Hockey League’s Los Angeles Kings.

It is one of the most famous entertainment venues in the United States alongside Madison Square Garden in New York City.

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