Crypto.com paid $700 million to rename Staples Center as Crypto.com Arena
Today, crypto exchange Crypto.com announced that it has secured the naming rights to the Staples Center for the next 20 years. The stadium is home to the NBA Lakers and Clippers, the WNBASparks and the NHL Kings
Crypto.com will work directly with the sports teams
The exchange paid more than $700 million for the naming rights, sources familiar with the terms said, making it one of the largest deals in sports history. Crypto.com will also work directly with the LA Kings and Los Angeles Lakers as part of the deal. There is also the possibility of the exchange becoming more involved in the city, as FTX has done in Miami. "We are very excited about partnering with AEG and investing long-term in this city, starting with the Crypto.com Arena in the heart of downtown," Kris Marszalek, CEO, and co-founder of Crypto.com, said in a blog post.The arena's new logo will launch on Dec. 25 when the Lakers play the Brooklyn Nets, and all signage at Staples Center will be replaced with the new name by June 2022. AEG and Crypto.com are still working out how far the partnership will go beyond the name, but integrating payments with cryptocurrencies at the arena and with online purchases could be on the horizon
Partnerships between crypto and sports have become standard
Crypto.com is not a new player in the sports industry. It has already secured NFT sponsorships with the UFC and Formula 1, as well as partnerships with individual clubs such as the French football team Paris Saint-Germain and the Montreal Canadiens in hockey. The main goal of these partnerships is to attract the masses to the exchange. The exchange also recently signed a five-year partnership with Esports organization Fnatic worth worth $15 million to help fans better understand cryptocurrency and future-proof their decisions,Other crypto exchanges have also signed numerous partnerships in the sports industry. FTX recently announced a five-year partnership with Major League Baseball and also acquired the naming rights to the Miami Heat's NBA stadium to rename it FTX Arena. In addition, the exchange has signed up Tom Brady, Steph Curry, and Shohei Ohtani, three well-known athletes, as "global brand ambassadors" to promote its offering. Coinbase, on the other hand, has not sat still either and has partnered with the NBA for several years to educate fans about developments in the world of cryptocurrencies. There seems to be a race between these exchanges to get their name out to the masses, and right now the sports industry seems to be one of the most successful ways to do that.
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