By Jasper Hamill
The Staples Center in Los Angeles is getting a new name: the Crypto.com Arena.
On Christmas Day, the iconic arena will be rebranded for the first time in its 22 year history.
Associated Press reported that Crypto.com has struck a deal with the sport and entertainment company AEG which will see it pay $700 million to rename the Staples Center for 20 years.
The deal is perhaps the most visible crypto promotion in the short history of blockchain and the high-profile sponsorship of such a famous venue means tens of millions of people will see the Crypto.com branding every year.
Crypto.com describes itself as “the world’s fastest-growing cryptocurrency platform”. More than 10 million customers use its crypto app and it also offers DeFi services, a crypto exchange, and an NFT trading platform.
It has been on a huge marketing splurge recently, producing a commercial starring actor Matt Damon and becoming the first “Official Cryptocurrency Sponsor and NFT Partner” of the UFC and F1, which are cage-fighting and motorsports leagues.
Crypto.com has also built a “portfolio of global brand partnerships” with big names including the French football team Paris Saint-Germain, the NBA’s Philadelphia 76ers, the NHL’s Montreal Canadiens, an esports team called Fnatic, Lega Serie A, the Italian Football league and Twitch Rivals, a competitive online esports event.
“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 Crypto.com Co-Founder and CEO, Kris Marszalek.
“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.”
The Staples Center hosts hundreds of annual events and serves as the official home of the NBA’s Los Angeles Lakers and LA Clippers, the NHL’s LA Kings and the WNBA’s Los Angeles Sparks.
The agreement means Crypto.com is now an official cryptocurrency platform partner of all these teams.
AEG and Crypto.com will unveil the new logo and other “branding assets including internal arena signage” on December 25, when the Los Angeles Lakers play against the Brooklyn Nets. All of the venue’s external signage will be replaced by June 2022.
“This partnership represents the fastest-growing cryptocurrency platform and the biggest sports and live entertainment company in the world converging to drive the future of sports and live entertainment as well as the incredible legacy of this arena for decades to come,” said Todd Goldstein, Chief Revenue Officer of AEG.
“It marks an exciting new chapter in the history of our company and our respective industries, and we couldn’t be more thrilled to have such a visionary partner like Crypto.com supporting our global fan base and the local community.”
The Staples Center opened in 1999 and has served “as the backdrop to some of the most memorable sports and live entertainment moments and events to have taken place in the last 20 years”.
Each year, the venue hosts more than 240 major high-profile events of “national and international distinction” and welcomes over 4 million guests to concerts, sports events, and other high-profile occasions including the Grammy Awards, NBA All-Star Games, and NHL All-Star Games.
“This partnership is about the future,” said Dan Beckerman, President and CEO 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.”
Crypto.com was the first cryptocurrency company in the world to be granted important security certification including the ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013, and PCI:DSS 3.2.1, Level 1 compliance. It was independently assessed at Tier 4, the highest level for both NIST Cybersecurity and Privacy Frameworks, and holds the industry’s largest insurance policy of $750M.
It is headquartered in Singapore and employs more than 2,600 people in offices across the Americas, Europe, and Asia.
Crypto.com claims it is “accelerating the world’s transition to cryptocurrency” - and the new deal is likely to introduce a lot of people to crypto.
The price of Bitcoin does not seem to have been hugely affected by the news, although there was a brief rally after the story broke when it rose by more than $1,000 to more than $60,000, before dropping to $59,464 at the time of writing.
