Cryptocurrency exchange firm Crypto.com has entered into a $700 million naming rights deal with Anschutz Entertainment Group (AEG), which is reportedly one of the biggest naming rights deals in the history of the United States.
AEG owns and operates Staples Center, the iconic multi-purpose arena in Los Angeles.
Following the announcement, the deal will see Staples Center renamed Crypto.com starting December 25th, 2021.
Additionally, Crypto.com will become the cryptocurrency exchange partner of the National Basketball Association (NBA) team, Los Angeles Lakers, and National Hockey League (NHL) team Los Angeles Kings.
Crypto.com’s chief executive, Kris Marszalek, spoke on the naming deal, reflecting on how it is going to be a watershed moment for the cryptocurrency industry and its significance in driving crypto into the mainstream.
“In the next few years, people will look back at this moment as the moment when crypto crossed the chasm into the mainstream,” Marszalek said.
Staples Center is a Los Angeles-based multi-purpose arena owned and operated by AEG, which is the home venue for notable sporting teams including the Los Angeles Kings of the NHL, the Los Angeles Lakers, the Los Angeles Clippers of the NBA, and more.
Commenting on the partnership, CEO of AEG, Dan Beckerman, said:
“Crypto.com is looking for the most unique branding platform to make a statement and drive adoption, and we’re looking for an innovative, forward-thinking company to help us chart a course for the future of sports and entertainment events.”
The crypto industry continues to enter into the sports industry in a bid to drive the asset class to mainstream users.
Meanwhile, this will not be the first time a crypto exchange firm will be entering a naming rights deal to increase exposure to the crypto space.
A few months ago, FTX entered a long-term $17.5 million deal with California Memorial Stadium, the home venue to the California Golden Bears.
The deal saw the stadium’s name being rebranded to “FTX field” and will last for 10 years. Notably, this FTX naming right deal is the second for the cryptocurrency exchange firm.