Crypto.com has bought the naming rights to the arena that is home to NBA team Los Angeles Lakers, in what is said to be one of the largest naming deals in sports history.
The Staples Center in Los Angeles, home to the Lakers basketball team as well as the L.A. Kings hockey team and women’s basketball team Los Angeles Sparks, will be renamed the Crypto.com Arena, following a $700 million deal announced on Wednesday.
The partnership, which takes effect on December 25, will last for 20 years, and ends the arena’s 22-year partnership with the office supplies retailer.
The deal underscores the rapidly growing influence and widespread adoption of Crypto.com’s cryptocurrency platform and NFT marketplace worldwide, Crypto.com said.
Crypto.com was founded by e-commerce exec Kris Marszalek as Monaco in 2016, before its rebranding as Crypto.com in 2018. The platform boasts more than 10 million customers today. The crypto exchange’s logo already adorns the jerseys of the National Basketball Association (NBA) Philadelphia 76ers team.
Earlier this year, rival crypto exchange FTX became the first crypto business to secure naming rights to a major sports venue when it paid $135 million for the naming rights to the home of NBA team Miami Heat in a 19-year deal. Crypto.com then secured a sponsorship deal with hockey team Montreal Canadiens to have its logo brandished on the ice at its home arena, the Bell Centre.
The platform’s native token, CRO, currently the 16th largest cryptocurrency by market cap, jumped 35 percent in the 24 hours after the announcement to reach $0.545.