Los Angeles’ famous Staples Center has been renamed Crypto.com Arena through a new 20-year naming rights deal.

The long-term agreement between venue owner AEG and the Singapore-based cryptocurrency platform is reportedly worth $700m.

Crypto.com becomes the official cryptocurrency platform partner of the venue’s tenants, the NBA’s Los Angeles Lakers and NH’s LA Kings. The 20,000-seat arena – which has been known as Staples Center since opening in 1999 – is also one of the US’s leading music and entertainment venues, hosting more than four million visitors each year.

Crypto.com will benefit from signage and promotions throughout the venue and a 3,300 sq. ft activation space at the building’s entrance. The venue’s new logo will be unveiled on December 25, when the Los Angeles Lakers host the Brooklyn Nets, while all external signage will be replaced by June 2022.

Read the full story on our sister site: TheStadiumBusiness.com.