The Staples Center in Los Angeles, home to the Lakers and Clippers basketball teams, will become Crypto.com Arena, according to an announcement from the cryptocurrency company late Tuesday. And it’s just one more sign that cryptocurrencies like bitcoin and ethereum have become mainstream, despite being highly volatile assets.
The building, which also hosts the NHL’s LA Kings and the WNBA’s Los Angeles Sparks, won’t formally start replacing signage at the facility until December 25, Christmas Day. And even then, all of the Staples Center signs won’t be down until June 2022, according to Crypto.com.
The terms of the naming rights deal were not disclosed and the Staples Center did not immediately reply to a request for comment early Wednesday.
“This agreement also makes Crypto.com an official cryptocurrency platform partner of the Los Angeles Lakers and the LA Kings,” the company said in a press release, without actually elaborating on what the hell that means.
Crypto.com currently has roughly 10 million users and 3,000 employees, according to the Los Angeles Times, but even if you’ve never used Crypto.com before, you’re probably familiar with their TV ads featuring Matt Damon. The ads include the tagline “fortune favors the brave,” which is quite a call to action when you remember how often people are getting scammed out of their hard earned money with sketchy crypto get-rich-quick schemes.
“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,” Crypto.com co-Founder and CEO, Kris Marszalek said in a press release.
New York, Paris, Berlin, and other “creative capitals” could not immediately be reached for comment.
“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,” Marszalek continued.
The Staples Center (sorry, the Crypto.com Arena) is owned by AEG and located in downtown Los Angeles. AEG also owns an entertainment complex called L.A. Live next door, which will likely get filled with plenty of crypto-related ads. The arena will also include a new 3,300 sq. ft “activation space” at the building’s entrance, which is code for more ads. This thing is going to be chock full of crypto advertising, day and night.
“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,” Todd Goldstein, Chief Revenue Officer of AEG, said in a statement.
“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 local community,” Goldstein continued.
Remember when Houston had a stadium called Enron Field and had to change its name? No reason. We just like fondly remembering history, which never repeats itself.