Staples Center is getting a new name for Christmas: Crypto.com Arena.
The downtown Los Angeles venue — home of the Lakers, Clippers, Kings and Sparks — will wear the new name for 20 years under a deal between the Singapore cryptocurrency exchange and AEG, the owner and operator of the arena, both parties announced Tuesday. Crypto.com paid more than $700 million for the naming rights, according to sources familiar with the terms, making it one of the biggest naming deals in sports history.
Crypto.com’s chief executive, Kris Marszalek, hopes that the new name will come to be seen as a sign of the times.
“In the next few years, people will look back at this moment as the moment when crypto crossed the chasm into the mainstream,” Marszalek said when reached at his home in Hong Kong.