The Crypto.com Arena was formerly known as the Staples Center, a name it held from its opening in 1999 until its rebranding in December 2021.
Crypto.com acquired the naming rights to the arena for a staggering $700 million over 20 years, making it one of the most expensive naming rights deals in sports history.
The Staples Center was a multi-purpose arena that hosted not only basketball games for the Los Angeles Lakers and Clippers but also hockey games for the LA Kings and major concerts.
The change from Staples Center to Crypto.com Arena reflects a broader trend in sports and entertainment venues adopting cryptocurrency-related sponsors, as digital currencies gain mainstream acceptance.
The arena is located at 1111 South Figueroa Street in downtown Los Angeles, a prime location that has contributed to its identity as a major entertainment hub.
The Staples Center was known for its iconic "Staples" signage, which featured prominently on the exterior and was instantly recognizable to sports fans and tourists alike.
The name change was officially unveiled on December 25, 2021, coinciding with a Lakers game against the Brooklyn Nets, where the new logo made its debut.
The original purpose of naming rights is to provide companies with a marketing opportunity to increase brand visibility, particularly in high-traffic venues like arenas.
The arena's new branding aligns with a growing number of financial technology companies that are entering the sports arena, highlighting the intersection of sports, finance, and technology.
Crypto.com, a cryptocurrency exchange, has been marketing itself aggressively, including partnerships with various sports organizations and leagues, to promote cryptocurrency adoption.
The arena also serves as a significant venue for major events such as the Grammy Awards and the NHL All-Star Game, showcasing its versatility beyond sports.
The Staples Center was one of the first arenas to have a permanent scoreboard suspended from the ceiling, enhancing the spectator experience with real-time game statistics and replays.
Following the name change, all signage for the Staples Center was expected to be replaced by June 2022, marking a complete transition to the new branding.
The naming rights deal with Crypto.com was seen as a strategic move to tap into the growing interest in digital currencies and the potential for future technological integrations in sports.
The arena's transformation into Crypto.com Arena is part of a larger trend in which sports venues are increasingly being named after technology and finance companies, reflecting the evolving landscape of corporate sponsorship.
The Lakers and Clippers, who share the arena, have both enjoyed significant success, with the Lakers winning numerous NBA championships, adding to the venue's storied history.
The arena's design incorporates advanced acoustics and sightlines, ensuring that events held within are optimal for both performers and audiences.
The change in name is not just a cosmetic update; it represents a shift in the corporate landscape of sports, where traditional companies are increasingly being replaced by tech-forward businesses.
The Crypto.com Arena's visibility during high-profile events provides a unique platform for the cryptocurrency brand, reaching millions of viewers both in person and through global broadcasts.
The evolution of the arena's name from Staples to Crypto.com is emblematic of the rapid pace of change in the world of finance and technology, as traditional businesses adapt to the rise of digital currencies and blockchain technology.