The Staples Center will have a new name, beginning on Christmas Day.
The venue will be called Crypto.com Arena after the company bought the rights from AEG (arena owner) for $700 million, according to multiple reports. The two sides haven’t publicly announced the terms of the deal, which is rumored to be the richest naming rights sports deal in history.
Crypto.com is a cryptocurrency platform and exchange headquartered in Singapore. Founded in 2016, Crypto.com has been on a spending spree across the global sports landscape over the past year. The platform has inked high-visibility sponsorship deals with Formula One, the UFC, Italy’s Serie A, Paris St-Germain and the NHL’s Montreal Canadiens, while also purchasing the Philadelphia 76ers’ uniform sponsorship patch.
The arena is home for the Lakers and Clippers of the NBA. It also houses the Kings of the NHL and the Sparks of the WNBA in addition to a bevy of highly publicized events, such as the Grammy Awards.