Crypto.com signs $ 700 million partnership with Staples Center in Los Angeles

Crypto.com scores a big hit

In a statement posted on its internet, the Staples Center announced the signing of a 20-year partnership agreement with the cryptocurrency exchange Crypto.com. Recognized as one of America’s most famous sports and entertainment venues, the Staples Center will be renamed Crypto.com Arena, a first since it opened in 1999.

Although the press release does not mention the financial terms of the contract, it appears that the Singaporean exchange has been willing to pay more than $ 700 million to acquire the naming rights for the Los Angeles venue over the 20 years. future.

The name change should be effective as of Christmas Day, during an NBA game between the Los Angeles Lakers and the Brooklyn Nets. We will discover the new logo as well as the advertisements inside the enclosure. Regarding the exterior, all signage will be replaced by June 2022.

β€œIn a few years, people will remember that day and think that’s when cryptocurrencies turned a corner and entered the mainstream,” commented Kris Marszalek, CEO of Crypto. com.

The current Staples Center is the home of four American sports franchises, including the famous NBA franchise of the Los Angeles Lakers. This partly explains its international fame, since its name is associated with the exploits of the team with 17 championship titles, including 6 since the inauguration of the enclosure. A name change that has already spilled ink on social media and that doesn’t seem to appeal to basketball fans at all, and rightly so.

πŸ‘‰ To find out more – The Crypto.com platform (CRO) launches an advertising spot with Matt Damon

A new episode in the exchange race

Since 2019, the German company AEG, which already owns the rights to sports venues such as the O2 Arena in London or the Mercedes-Benz Arena in Berlin, had bought the partnership contract between Staples and the city of Los Angeles. According to them, the current name is timeless and it was paramount to find a new brand partner with “the capacity to impact the next generation of fans over the next two decades”. This is why the cryptocurrency industry has found itself to be the ideal candidate.

For Crypto.com, this partnership with an institution in the world of sport is far from the first. After a $ 100 million partnership with Formula 1, the Singaporean exchange platform then joined forces with Serie A, the Italian football championship, and more recently with the capital’s football club, Paris Saint Germain, or the Philadelphia Sixers NBA franchise.

However, Crypto.com is not the only exchange to establish itself in the world of sport in this way. On the contrary, he seems to be waging a real battle from a distance with his rival FTX. The cryptocurrency exchange platform, launched by Sam Bankman-Fried, has also increased partnerships with famous actors, brands or sports licenses.

FTX is the first brand in the cryptocurrency industry to put its name on a sports venue of this stature. Indeed, the stadium of the Miami Heats NBA franchise now bears the name FTX Arena, for the next 19 years. In the wake of this inauguration, FTX also signed a deal with Major League Baseball (MLB) and American basketball superstar Stephen Curry.

This race that the exchanges are engaged in is not viewed favorably by part of the crypto-sphere. Still, these large-scale partnerships bring significant visibility to the cryptocurrency industry, and participate in its democratization among all.

πŸ‘‰ Going further – Crypto.com’s CRO token hits an all-time high following its addition to Coinbase

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About the Author: Lilian Aliaga

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Freelance writer located between Paris and Toulouse. I want to share my passion for the world of cryptocurrencies with as many people as possible. I am also interested in technical analysis and trading.
All articles by Lilian Aliaga.

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