Crypto.com buys naming rights to LA’s Staples Center

Crypto.com, a Singapore-based cryptocurrency exchange, has bought the rights to rename the Staples Center arena in Los Angeles to Crypto.com Arena. 

This is the home base for the local NBA hockey teams, like the LA Lakers and LA Clippers and the basketball team, the NHL's LA Kings. The Exchange has already declared its status as an official partner of the Los Angeles Lakers and Los Angeles Kings teams.

The deal was worth $700 million, including the 20-year renaming rights for this arena. 

This deal turned out to be one of the biggest in the history of sports in terms of assigning the naming rights of sports facilities. For instance, the deal was much more expensive than the $135 million deal financed by the FTX exchange last May to get the naming rights for the Miami Heat arena: from American Airlines Arena to FTX Arena. 

The new arena is scheduled to officially open on December 25, coinciding with the Los Angeles Lakers vs. the Brooklyn Nets game.

Just to remind, more than 250 sporting events are held at Staples Center each year, attended by about 4 million people.