Singapore-based cryptocurrency exchange Crypto.com has started making plans to rebrand the Crypto.com Arena formerly known as Staples Center. Since it was agreed in 2021, the exchange has kept moving forward to advance the Los Angeles arena.
Crypto.com entered a deal with Anschutz Entertainment Group (AEG), which owns the Staples Center and surrounding complex, L.A. Live. The deal which was worth about $700 million, gave the cryptocurrency exchange the naming right to the sports arena.
At that time, it was the home arena to the Los Angeles Lakers and WNBA’s Sparks. Also, an arena for the Clippers and National Hockey League’s Kings franchise. Notably, the deal was a 20-year contract valued at $700 million. Arguably, this made it one of the few expensive naming right collaborations in the sports industry.
The contract became effective on 25th December 2021 during the Lakers-Brooklyn annual net games. For Crypto.com, it meant gaining a larger share of the crypto market from the huge sports fanbase. Dan Beckerman, president, and CEO of AEG affirmed that the deal was in preparation for the future.
He stated, “AEG and Crypto.com not only share a vision about innovation and the future of sports and entertainment, but we also have a shared commitment to our communities where we work and live. We look forward to partnering with Crypto.com to create meaningful initiatives to bring that vision to life in the years to come.”
Artist Renderings in the Staples Arena
Presently, the exchange has released several artist renderings to showcase the intended refurbishing to be carried out in the arena. The refurbishing and rebranding are recognized to be multimillion-dollar campaigns. It is scheduled to commence before the beginning of a major game this year.
As displayed in a tweet, new jumbo screens and concession stands will be added. Amidst that, a terrace overlooking the downtown Los Angeles area will also be installed.
Crypto.com has made a wave this season with the several approvals and licenses it has received. The exchange received in-principle approval from the Monetary Authority of Singapore. Additionally, it secured approval from the Cyprus Securities and Exchange Commission (CySEC).