The Staples Center, home of the Los Angeles Lakers and other professional sports teams, announced on Tuesday that it will be renamed Crypto.com Arena, a cryptocurrency platform based in Singapore.
The brand change is the latest example of a company in the midst of a technology boom paying to rename a well-known sports arena. The change will take effect on Christmas Day, the arena said in a statement released late Tuesday in Los Angeles but dated Wednesday.
The statement did not say how much Crypto.com, which was founded in 2016, had paid for the deal.
Crypto.com signed a 20-year naming agreement with Los Angeles-based entertainment company AEG, which maintains the venue. AEG is dominated by billionaire investor Philip F. Anschutz.
The arena is named after Massachusetts-based office supplies company Staples since its opening in 1999. In addition to the Lakers, there is another NBA team, the Los Angeles Clippers, and the Los Angeles Kings of the National Hockey League and WNBA’s Los Angeles Sparks.