The Staples Center to Be Renamed Crypto.com Arena. Seriously.

In Summary

Crypto.com paid over $700 million for 20-year naming rights. It is one of the largest naming rights deals in history. 

The Staples Center, the house that the late, great Kobe Bryant built, is getting its name changed to the Crypto.com Arena.   

The downtown Los Angeles arena is home to the NBA’s Lakers and Clippers, the WNBA’s Sparks and NHL’s Kings. The name change takes effect on Christmas.   

Crypto.com paid over $700 million for 20-year naming rights, the Los Angeles Times reported. It is one of the largest naming rights deals in history.   

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Based in Singapore, the cryptocurrency exchange has made sponsorship deals with other popular sports brands, such as Formula One, the UFC, Serie A, Paris St-Germain and the NHL’s Montreal Canadiens, according to ESPN.   

“In the next few years, people will look back at this moment as the moment when crypto crossed the chasm into the mainstream,” Crypto.com CEO Kris Marszalek told the Times. “This is just such a brilliant move from the guys at AEG because the next decade belongs to crypto. And this positions L.A. and this particular venue right at the center of it.”  

While Marszalek has expressed excitement for the name change, not everyone is on board. Clipper player and Los Angeles native Paul George reacted to the news after the Clippers’ win over the San Antonio Spurs on Tuesday.   

“It’s kind of like just stripping the history here by calling it something else,” he told reporters. “It’s the same location, but it’s kind of like you’re stripping the history here by calling it something else. From there going forward, I guess it’s a new history to be written.”    

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