Singapore-Based Crypto Platform Inks Blockbuster Sports Deal
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Crypto.com has bought the naming rights to the arena that is home to NBA team Los Angeles Lakers, in what is said to be one of the largest naming deals in sports history.
The Staples Center in Los Angeles, home to the Lakers basketball team as well as the L.A. Kings hockey team and women’s basketball team Los Angeles Sparks, will be renamed the Crypto.com Arena, following a $700 million deal announced on Wednesday.
The partnership, which takes effect on December 25, will last for 20 years, and ends the arena’s 22-year partnership with the office supplies retailer.
The deal underscores the rapidly growing influence and widespread adoption of Crypto.com’s cryptocurrency platform and NFT marketplace worldwide, Crypto.com said.
Crypto.com was founded by e-commerce exec Kris Marszalek as Monaco in 2016, before its rebranding as Crypto.com in 2018. The platform boasts more than 10 million customers today. The crypto exchange’s logo already adorns the jerseys of the National Basketball Association (NBA) Philadelphia 76ers team.
Earlier this year, rival crypto exchange FTX became the first crypto business to secure naming rights to a major sports venue when it paid $135 million for the naming rights to the home of NBA team Miami Heat in a 19-year deal. Crypto.com then secured a sponsorship deal with hockey team Montreal Canadiens to have its logo brandished on the ice at its home arena, the Bell Centre.
The platform’s native token, CRO, currently the 16th largest cryptocurrency by market cap, jumped 35 percent in the 24 hours after the announcement to reach $0.545.
Questions & Answers
Q.Which teams play at the arena being renamed the Crypto.com Arena?
Which teams play at the arena being renamed the Crypto.com Arena?
The arena is home to the Los Angeles Lakers basketball team, the L.A. Kings hockey team, and the women’s basketball team Los Angeles Sparks.
Q.How long will the naming rights deal with Crypto.com last?
How long will the naming rights deal with Crypto.com last?
The partnership between Crypto.com and the arena will last for 20 years, taking effect from December 25th.
Q.Was Crypto.com the first cryptocurrency business to secure naming rights for a major sports venue?
Was Crypto.com the first cryptocurrency business to secure naming rights for a major sports venue?
No, rival crypto exchange FTX secured naming rights for the home of NBA team Miami Heat earlier this year, for a 19-year deal worth $135 million.
Q.What was the previous name of the arena before the Crypto.com deal?
What was the previous name of the arena before the Crypto.com deal?
The arena was previously known as the Staples Center, having had a 22-year partnership with the office supplies retailer.
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