Los Angeles’ Staples Center to rebrand to Crypto.com

It’s the end of and era for one of America’s most well known basketball stadiums

The Staples Centre in Los Angeles, home to the Lakers and Clippers basketball teams, will become Crypto.com Arena, according to an announcement from the cryptocurrency company late Tuesday.

It’s another sign that cryptocurrencies like bitcoin and ether have become mainstream, despite being highly volatile assets.

The arena, which is owned by AEG, is also home to the WNBA’s Los Angeles Sparks and the NHL’s Los Angeles Kings. The Grammy Awards have been held at the arena since 2000, too.

Crypto.com paid more than $700 million for the 20-year naming rights, according to the Times.

By comparison, the Clippers recently struck a 23-year deal to name their new Inglewood arena the Intuit Dome

According to CNBC, the deal is worth more than $500 million.

The arena is set to open in 2024.

The naming rights deal for SoFi Stadium — which is home to both the Los Angeles Rams and Chargers — is worth more than $600 million, according to Sports Business Journal.

Staples initially signed a $100 million deal in 1997 for the naming rights to the arena, and then signed another deal in 2009.

AEG bought the rights back in 2019, but delayed renaming the arena due to the COVID-19 pandemic, according to the Times.