The Singapore-based exchange Crypto.com announced today that it has obtained the naming rights to the Staples Center in Los Angeles for the next 20 years, which is home to the NBA’s Lakers and Clippers, as well as the WNBA’s Sparks and NHL’s Kings.
The agreement between Crypto.com and stadium owner and operator AEG is reportedly worth $700 million, much exceeding the $135 million deal signed by rival exchange FTX in May to acquire naming rights to the Miami Heat arena.
And that isn’t all. Coinbase, founded in the United States, recently announced a partnership with the NBA, WNBA, affiliate leagues, and USA Basketball to have a “brand presence” on all league courts.
In short, basketball fans will be bombarded with marketing from bitcoin companies. Laker fans, in particular, should mark December 25 on their calendars—and not just because they’ll be able to see LeBron James take on the Brooklyn Nets for Christmas. That is the date on which the current Staples Center will be renamed Crypto.com Arena; all signage will be changed in time for the start of the 2022-23 season.
As part of the agreement, Crypto.com will also work directly with the Los Angeles Kings and Los Angeles Lakers. (I apologise to Clippers fans.) There’s also a chance that the exchange will invest more extensively in the city, like FTX has done in Miami. “We’re really enthusiastic about collaborating with AEG and investing long term in this city, beginning with Crypto.com Arena in the heart of downtown,” Crypto.com CEO and co-founder Kris Marszalek wrote in a blog post.
Crypto.com isn’t simply going full-court press. It’s been all over the sports world, securing NFT sponsorships with UFC and Formula 1 racing, as well as relationships with individual teams like Paris Saint-Germain of France and the Montreal Canadiens of hockey.