The landmark Staples Center in downtown Los Angeles will soon be renamed Crypto.com Arena, as part of one of the most expensive sports licensing agreements in the history of professional sports globally.
Today the Singapore-based cryptocurrency platform, Crypto.com tweeted about the deal with the arena’s corporate operator and owner, AEG.
The crypto company reportedly paid approximately $700 million for the 20-year naming rights agreement. While additional specifics about the agreement are not available, AEG and Crypto.com could extend the partnership contract to include other marketing arrangements such as accepting cryptocurrency payments at the venue during events and for online merchandise as well.
The arena’s new logo will debut on Christmas Day this year, when the National Basketball Association (NBA) Lakers host the Brooklyn Nets. The remaking of all outdoor signs is expected to be finished by next June.
This is Crypto.com’s second big marketing push in as many months. In October it announced a deal to use U.S. actor Matt Damon as its global celebrity spokesperson.
On The Flipside
- These types of high-profile deals will drive general awareness and exposure for the cryptocurrency industry.
- As crypto becomes more mainstream, we can expect to see more reports of fraud as new adopters get taken in scams as easy targets.
- We should then expect to hear louder cries from policymakers regarding the need to regulate the industry.
Why You Should Care?
In general, mainstreaming cryptocurrencies and blockchain is a good thing as we need to ensure adoption to secure the industry’s growth in the future.