Crypto.com exchange has secured a 20-year naming rights deal for the multi-purpose Staples Center at the cost of $700 million.
The deal is reportedly the largest US venue naming rights agreement. Crypto.com has been in conversation with AEG, which had re-purchased the naming rights from Staples.
The arena’s internal signage would be rebranded with Crypto.com assets during the Laker’s game next month, while the external signage will change by June next year.
The new naming deal adds to the list of the exchange’s sport sponsorship deals. Others involve the Philadelphia 76ers, F1, PSG, and UFC.
Staples Center’s multi-purpose arena is the home to major Los Angeles sports teams, including Sparks, Lakers, Kings, and Clippers.
FTX exchange signed a similar deal for the Miami Arena for $135 million at the beginning of the year as interest in sports deals among crypto exchanges surges.