One of the top sporting venues in the world resides in Los Angeles. The building formerly known as Staples Center will now be called Crypto.com Arena.
Crypto.com is a website that allows users to buy and sell cryptocurrencies (i.e. Bitcoin and Ethereum) and NFTs (non-fungible tokens). The Singapore-based company paid a whopping $700 million for 20 years of naming rights, according to the Los Angeles Times.
The timing of the name change from Staples Center to Crypto.com Arena is pretty surprising. Tenants of the arena, NBA's Los Angeles Lakers and Clippers and NHL’s Los Angeles Kings, have their seasons in full swing. The teams are constantly using the arena, like this past weekend when the Bulls beat both the Clippers and Lakers in their home building.
Changing the signage and logos will take some time. The name change ceremony will take place on Christmas Day when the Lakers host the Brooklyn Nets. The ceremony will include the unveiling of new signs, but all signage renaming will take until June to complete.