Los Angeles’ famous Staples Center has been renamed Crypto.com Arena through a new 20-year naming rights deal.

The long-term agreement between venue owner AEG and the Singapore-based cryptocurrency platform is reportedly worth $700m.

Crypto.com becomes the official cryptocurrency platform partner of the venue’s tenants, the NBA’s Los Angeles Lakers and NHL’s LA Kings. The 20,000-seat arena – which has been known as Staples Center since opening in 1999 – is also one of the US’s leading music and entertainment venues, hosting more than four million visitors each year.

Crypto.com will benefit from signage and promotions throughout the venue and a 3,300 sq. ft activation space at the building’s entrance. The venue’s new logo will be unveiled on December 25, when the Los Angeles Lakers host the Brooklyn Nets, while all external signage will be replaced by June 2022.

“This partnership is about the future,” said Dan Beckerman, president and chief executive of AEG. 

“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.  We look forward to partnering with Crypto.com to create meaningful initiatives to bring that vision to life in the years to come.” 

The partnership, brokered by AEG Global Partnerships, underscores the rapidly growing influence and widespread adoption of the NFT marketplace worldwide.

Crypto.com’s portfolio of global brand partnerships already includes UFC, Formula 1, Paris Saint-Germain, and the NBA’s Philadelphia 76ers, esports team Fnatic, and Italy’s Serie A football championship. The agreement is only the latest episode of a marketing blitz that Crypto.com has kept rolling throughout the fall. The company premiered an advertisement featuring Matt Damon in October.

“Known as the Creative Capital of the World, the city of Los Angeles and the people who call it home have always been pioneers, pushing the boundaries and innovating as the undeniable global leaders of culture and entertainment,” said Kris Marszalek, Crypto.com co-founder and CEO.

“We’re very excited about partnering with AEG and investing long term in this city, starting with Crypto.com Arena in the heart of downtown, and using our platform in new and creative ways so that cryptocurrency can power the future of world class sports, entertainment and technology for fans in LA and around the world.”