A statement made at the press conference LA Lakers stated that the headquarters Staples Center Arena will rename Crypto.com arena in Los Angeles on Christmas Day. According to the Los Angeles Times, people familiar with this matter said that AEG purchased $700 million in naming rights for a Singapore-based cryptocurrency exchange over the past 20 years.
LA Lakers Headquarters Rename
All of the following will play at Staples Center, Los Angeles (LA Lakers) headquarters. The Center will now call Crypto.com Arena. The agency on Wednesday annouce the change. It also stated that the new name would take effect on December 25,
Organizers claim that the new name is part of a 20-year agreement for “historical” naming rights between AEG (Crypto.com) and Crypto.com. The press release states that Crypto.com is now the only cryptocurrency platform partner for the Los Angeles Lakers or Los Angeles Kings.
Crypto.com, a Singapore-based cryptocurrency exchange platform, and online wallet has been in operation since 2016. Companies, just like another cryptocurrency, have been heavily infiltrating the sports industry in recent years. Crypto.com, which is a sponsor of the Philadelphia 76ers’ jersey patches and has a sponsorship deal with Formula One, is another example.
The new logo will reveal on December 25, when the LA Lakers face the Brooklyn Nets. All Staples Center signs and signs will be updated in June 2022. Crypto.com CEO Kris Marszalek hopes that the new name will be noticed as a sign for modern times.
Long Journey Lakers
Staples was one of America’s top retailers in 1999. Over 20 years, he spent approximately $120 million on naming right. He negotiated permanent naming rights for an undisclosed sum ten years later. AEG knew, however, that it was ready to change its name. It secretly bought the naming rights of Staples, then owned by Sycamore Partners, a private equity firm.
After Crypto.com discovered that AEG was seeking a sponsor for this summer, they began to negotiate a deal that included both altruistic and experiential elements. AEG will have the ability to rename their facilities in a more futuristic manner than its previous versions. All this is to promote Crypto.com in the middle of America’s creator economy.
Earlier this year, FTX, a rival cryptocurrency exchange, won the 19-year naming rights to the Miami NBA Stadium. It cost $135 million. Robinhood and CoinbaseCom might have been looking for Robinhood if they didn’t reach an arena agreement yesterday.
Yes, internet startups are competing for the right to name their products. CMGI, for example, doesn’t stage matches on its football pitch. Instead, the New England Patriots play in Gillette Stadium.
This is the ideal movement to demonstrate to the world that cryptocurrencies are now a part of many industries. They also want to inform the world that cryptocurrency is not a crime. This movement may need to be supported by many people in order to increase public trust in cryptocurrency.