Along with sports gambling, crypto is something that is rapidly growing interest among the general public. What was once something only computer people knew about is now increasingly becoming a part of people’s portfolios. As a result, crypto companies are becoming a part of the sports scene and one company is reportedly going to have the naming rights of one of the most well-known arenas in the country.
According to Front Office Sports, Staples Center is going to be renamed after Crypto.com. Axios had more details about the deal including that it’ll be named “Crypto.com Arena” and an announcement is set to be made Wednesday.
This will apparently be a massive deal for the naming rights to the Los Angeles-based arena. Axios reported that it would be a 20-year agreement with the total value of the deal exceeding $700 million. The actual transfer of the naming rights is set to be made on Christmas Day.
This isn’t a complete surprise that a crypto company is buying the naming rights to an arena. Crypto.com in particular sponsors teams in various sports like the Philadelphia 76ers, Montreal Canadiens, Paris Saint-Germain, and the Aston Martin F1 team as well as league-wide partnerships with Serie A, Formula 1, and the UFC. Not only is this not a surprise, but it’s also probably not ending anytime soon.