Crypto.com Pays $700 Million for Naming Rights to Lakers, Clippers Arena: Reports

Crypto.com Pays $700 Million for Naming Rights to Lakers, Clippers Arena: Reports

Watch out, FTX and Coinbase. Crypto.com is coming for Bitcoin-loving basketball fans.

The Singapore-based exchange today announced that it has secured the naming rights to the Staples Center—the Los Angeles home to the NBA's Lakers and Clippers as well as the WNBA's Sparks and NHL's Kings—for the next 20 years.

The deal between Crypto.com and stadium owner and operator AEG is reportedly worth $700 million, dwarfing the $135 million deal rival exchange FTX struck this May to get naming rights for the Miami Heat arena. And just last month, U.S.-based Coinbase struck a deal with the NBA, WNBA, affiliate leagues, and USA Basketball to have a "brand presence" on league courts.

In short, basketball fans are going to be seeing a lot of advertisements from cryptocurrency companies. Laker fans, in particular, should circle December 25—not just because they'll get to watch Lebron take on the Brooklyn Nets for Christmas. That's the date the current Staples Center officially becomes Crypto.com Arena; all signs will be switched over in time for the start of the 2022-23 season.

Editor's Note: This article is being updated as the news develops.

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