Crypto.com Buys the Naming Rights for Staples Center From AEG Group, which Operates the Facility

Staples Center will be renamed the Crypto.com Arena on Christmas Eve. Crypto.com is a rival to Coinbase, a website where one can purchase and own bitcoin and other crypto currencies.

The Staples Center is the home of the Los Angeles Lakers. Owned by AEG, the naming rights will go to Crypto.com. The sports venue, part of "LA LIVE!" is the home to the Sparks, the Hockey Kings, and the LA Clippers as well.

The LA Times broke the story at 9:05 pm on Thursday: The downtown Los Angeles venue - home of the Lakers, Clippers, Kings and Sparks - will wear the new name for 20 years under a deal between the Singapore cryptocurrency exchange and AEG, the owner and operator of the arena, both parties announced Tuesday. Crypto.com paid more than $700 million for the naming rights, according to sources familiar with the terms, making it one of the biggest naming deals in sports history.

Staples Center is a multi-purpose arena in Downtown Los Angeles. Adjacent to the L.A. Live development, it is located next to the Los Angeles Convention Center complex along Figueroa Street. The arena opened on October 17, 1999. Wikipedia