The crypto hype has reached new heights.
As people still figure out how to invest in the new currency, the stadium formerly known as Staples Center has already jumped off the deep end with an even bigger commitment.
According to ESPN, the downtown Los Angeles home of the NBA’s Lakers and Clippers, the NHL’s Kings, and the WNBA’s Sparks will change its name after 22 years of operation to something a bit more modern– Crypto.com, as Staples lease on the name comes to an end.
The official name change doesn’t happen until December 25, as Crypto.com paid more than $700 million for the 20-year naming rights.
“In the next few years, people will look back at this moment as the moment when crypto crossed the chasm into the mainstream,” Crypto.com chief executive Kris Marszalek told the Los Angeles Times.“This is just such a brilliant move from the guys at AEG, because the next decade belongs to crypto. And this positions L.A. and this particular venue right at the center of it.”
While it is groundbreaking news, Crypto.com isn’t the first cryptocurrency company to land naming writes to a sports arena in the United States lately– FTX reached a $135 million deal to rename the Miami Heat’s arena from the American Airlines Arena to FTX Arena back in June.
Thankfully for the sake of the fans, the name change isn’t the only upheaval happening, the arena will also be getting a bevy of updates according to Arash Markazi, who tweeted, “I’m told Staples Center will undergo a massive renovation following this record naming rights deal. AEG officials view this as Staples Center’s version of Madison Square Garden’s $1 billion renovation. Everything from the concourse to the seats to the concessions will be changed.”
Some are already affectionately calling it the crypt, while others hate it. Here’s how Twitter’s reacting to the name change