Crypto.com Scores Naming Rights to Major Los Angeles Venue
Once again showing how mainstream cryptocurrencies are becoming, this week Crypto.com made waves by announcing a new naming rights deal. Staring on Christmas Day, what is now known as the Staples Center in Los Angeles, California will officially become Crypto.com Arena. The venue — which is home to the Los Angeles Lakers, LA Clippers, Los Angeles Spark, and LA Kings — will replace all external signage to reflect the change by June 2022.
Meanwhile, as a part of the deal, Crypto.com will become an official cryptocurrency platform partner of both the Lakers and the Kings. Although terms of the arrangement weren’t announced, CNBC reports that the 20-year deal cost $700 million, which would be among the richest naming rights deals in sports history.
Turning to the platform itself, Crypto.com allows customers to trade more than 150 cryptocurrencies. Additionally, the company offers a variety of crypto rewards credit cards. These range from the Midnight Blue card on the low end and go up to the Obsidian card, which requires customers to hold $400,000 in the platform’s own CRO token before applying. According to the company, it currently has more than 10 million users and claims to be the world’s fastest-growing crypto app.
In a press release announcing the naming rights deal with AEG, Crypto.com co-founder and CEO Kris Marszalek stated, “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. 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.”
AEG Chief Revenue Officer Todd Goldstein said, “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. 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.”
While the Crypto.com deal is a major one, it’s not the first instance of cryptocurrencies making their way into professional sports. Previously, the platform FTX purchased naming rights to the Miami Heat’s home arena while StormX has partnered with the Portland Trailblazers, resulting in their logo being displayed on the players’ jerseys. Looking at FinTech more broadly, the Houston Rockets have a jersey patch partnership with Credit Karma Money while the Golden State Warrior recently renewed their deal with Rakuten. Nevertheless, the agreement is sure to bring attention to not only Crypto.com but also the cryptocurrency market in general. Therefore, while this might not directly impact the world of crypto now, it could make a lasting influence overall.
Also published on Medium.