LA’s Staples Centre renamed the Crypto.com Arena: “People will look back at this as the moment when crypto crossed into the mainstream”

The reported £518 million deal is one of the biggest ever conducted in naming rights history.

Staples Centre, Los Angeles, California

Credit: Arcaid Images/Alamy

Los Angeles’s iconic Staples Centre will now be known as the Crypto.com Arena as part of a 20-year deal reported to cost the Singaporean cryptocurrency exchange over $700 million (£518 million) – this makes it one of the biggest naming rights deals ever conducted in sports history.

Besides being the home of the state’s basketball team, the LA Lakers, the AEG-owned stadium is also a popular concert venue, in which the likes of Taylor Swift and Bruce Springsteen have held concerts, and Beyonce and the Eagles have taped live albums in.

Crypto.com chief executive Kris Marszalek is optimistic about the name-change, telling the LA Times that “In the next few years, people will look back at this moment as the moment when crypto crossed the chasm into the mainstream”.

AEG Chief Executive Dan Beckerman echoed the sentiment, saying “It’s a bit of a match made in heaven, when we think about the type of brands that we like to partner with.”

“Crypto.com is looking for the most unique branding platform to make a statement and drive adoption, and we’re looking for an innovative, forward-thinking company to help us chart a course for the future of sports and entertainment events.”

Just how far this partnership will go remains to be seen, but the LA Times does suspect integrating cryptocurrency purchases will be a priority for the two companies going forward. One obvious physical change is already planned, as a 3,300 square feet dedicated Crypto.com “activation space” next to a statue of legendary ball player Magic Johnson will feature crypto-centric interactive experiences for music and sports fans.