[ViralCulture] Staples Center Changes Name to Crypto.com Arena—Here’s Why

Staple Center is ending an era as it would be officially renamed to Cryto.com Arena on Christmas Day, Dec. 25, as the Los Angeles Lakers host the Brooklyn Nets in an NBA game.

Staples Center

The Staples Center has been heralded as the home of the Los Angeles Lakers, Los Angeles, Clippers, Los Angeles, Kings, and Los Angeles Sparks, as well as more than 200 events annually, as per the news story by CBS Sports.

On top of that, it also held the memorial of two iconic figures, namely Michael Jackson and Kobe Bryant. Not to mention that the historic venue has also hosted numerous Grammy Awards shows.

That said, it is undeniable that the Staples Center carries a storied history with it since it was opened way back in 1999. Since then, it is to note that its name has never changed, but that is about to be replaced after a deal to the tune of $700 million has been done.

Way back in 1999, according to the report by NPR, the office supply retailer, The Staples, decided to purchase the naming rights of the massive 20,000 seater venue. However, it is to note that the $116 million worth of deal only lasts for 20 years.

Staples Center New Name: Crypto.com Arena

Now that two decades have passed, the venue of massive events is about to enter a new era as it transitions to a new name.

NPR added in the same report, citing a report from ESPN, that Crypto.com shelled out a whopping $700 million to win over the naming rights of the historic and iconic arena.

Aside from renaming the building as Crypto.com Arena, the deal also made the cryptocurrency platform the official partner of both the Los Angeles Lakers and the Los Angeles Kings.

Why Staples Center Changes Name to Crypto.com

The name of the iconic Staples Center has been changed to Crypto.com Arena as part of the agreement between the owner and operator of the 20,000 seater venue, AEG, and the crypto exchange firm from Singapore, Crypto.com.

The president and CEO of the operator of Staples Center, Dan Beckerman, said in its announcement that the partnership with Crypto.com is "about the future."

The AEG boss explained that both "AEG and Crypto.com not only share a vision about innovation and the future of sports and entertainment, but we also have a shared commitment to our communities where we work and live."

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Written by Teejay Boris