A leading cryptocurrency exchange Crypto.com will reportedly fork out $700 million in cash to the owner of Staples Center, AEG, one of the world’s biggest presenters of sports and entertainment programming, to rename the iconic sports and entertainment venue to Crypto.com Arena.
Key takeaways:
- Los Angeles-based Staples Center is home to prominent American sports franchises such as the NBA’s Lakers and Clippers as well as the NHL’s Kings.
- Crypto.com’s 20-year naming rights deal is one of the largest sponsorships agreements in sports history.
- The freshly penned deal will come into effect later this year, on December 25, just in time for the Christmas holiday season. The physical sign will be changed from Staples Center to Crypto.com Arena in June of next year.
- Crypto.com has been stacking up sponsorships with major sports organizations and celebrities in order to draw mainstream audiences to crypto. Most notably, Hollywood star Matt Damon recently became the face of the Crypto.com exchange.
- Earlier this year, Crypto.com signed a $175 million 10-year contract with a premier fighting organization UFC, and a $400 million deal with NBA franchise Philadelphia 76ers.
- At the time of this writing, Crypto.com Exchange is the 4th largest cryptocurrency exchange in terms of trading volume, with a normalized 24-hour volume of more than $5 billion.
- After the details of the Staples Center rebranding deal became public, the platform’s native Crypto.com Coin (CRO) shot up by more than 14%.
