Leading crypto exchange Crypto.com has announced a multimillion-dollar investment to move forward with an agreement to rebrand the Los Angeles-based venue, formerly Staples Center.
Crypto.com to Remodel Its Los Angeles Arena
In November 2021, Crypto.com paid a record $700 million to acquire the naming rights of the L.A. sports arena. The exchange, which bets big on sports to grow its business, has announced another multi-million dollar investment to remodel the Crypto.com arena.
In its announcement, Crypto.com unveiled a nine-figure investment plan in collaboration with AEG Sports to comprehensively renovate the Crypto.com Arena and Xbox Plaza facilities at LA LIVE.
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The original architects of the Staples Center, Dan Meis, and Ron Turner, who have spent the past 20 years improving sports stadiums, will oversee the project. There will be screens and visible ribbon boards in the stadium for advertising Crypto.com.
Building a State-of-the-Art Stadium
As per the official statement, the two companies noted their desire to continue to invest hundreds of millions of dollars to ensure the arena is considered a state-of-the-art stadium.
The new state-of-the-art stadium will also have a multi-level Tunnel Club that will feature “new hospitality spaces and an exclusive viewing experience” for select members and VIP guests.
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Lee Zeidman, the president of Crypto.com Arena, said the renovations will provide new ways to experience their favorite sports and music events.
On the Flipside
- Despite its aggressive expansion projects, Crypto.com just concluded the second round of job cuts, which insiders say was worse than its June retrenchment of staff.
Why You Should Care
Sports has been one of Crypto.com’s biggest business channels and hopes to bring new business opportunities to the company through this renovation.
Read about the recent expansion of Crypto.com below:
Crypto.com Secures Registration In South Korea Via Acquisition of Local Companies
Get more info about the Staples Center acquisition below:
Crypto.com Pays $700M for L.A. Sports Arena Naming Rights – One of the Most Expensive Deals Ever
