The 20-year deal means the Crypto.com Arena will debut on Christmas Day, pushing the exchange's 2021's sports sponsorship deals past $1 billion.
The Crypto.com exchange has agreed to pay $700 million to put its name on the Los Angeles sports stadium long known as the Staples Center.
The Crypto.com Arena will make its debut on Christmas Day, when the Lakers will host the Brooklyn Nets.
Singapore-based Crypto.com will also become the official cryptocurrency platform partner of the Lakers and Kings, and see its name plastered all over the L.A. Live entertainment complex in which the 20,000-seat stadium sits. That includes the Microsoft Theater, Grammy Museum, ESPN broadcasting studio and several other venues.
Crypto.com co-Founder and CEO Kris Marszalek pointed to L.A.'s position at the pinnacle of the entertainment industry, calling it "the creative capital of the world." He said:
"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."
Sport Sponsorships Rivalry
That 19-year deal was a comparative steal, coming in at just $135 million. But then, the downtown L.A. Staples Center is in one of the country's two top media markets, and beyond its three home teams, the arena hosts more than 240 high-profile events ranging from headliner concerts and boxing matches to the Grammy Awards, according to its owner, AEG.
That said, the two exchanges have been splurging out on sports-related marketing deals.