The cryptocurrency craze shows no signs of slowing down. The latest development in the world of crypto involves one of the most iconic and well-known sports and entertainemnt stadiums in the world, The Staples Center in Los Angeles.
The Staples Center is no longer going to be called the same because the Singapore-based cryptocurrency platform Crypto.com has acquired the rebranding rights for the arena.
$700 Mn Deal
The name of Staples Center is going to be changed as ‘Crypto.com Arena’ which marks the first-ever name change since Staples Center went into operation in 1999.
The rebranding will go into effect on the Christmas day and the physical signage is planned to be changed by June of 2022.
Crypto.com has paid more than $700Mn to acquire the right of renaming the Staples Center. Staples Center, oh, we mean Crypto.com Arena is the home to famous franchises such as basketball’s Lakers, Clippers and Sparks, and ice hockey’s Kings
As per people with knowledge of the transaction, Crypto.com will hold the right to the name for the next 20 years post-which the naming right will lapse back to the previous party (supposedly).
The Crypto Craze
As per information received by Financial Times, the CEO of Crypto.com said “In a few years down the road, people will look back at this day and they will think OK, this is the moment that cryptocurrencies kind of crossed the chasm into the mainstream.”
Cryptocurrencies are slowly but steadily coming to the mainstream is this move is certainly going to expedite the whole trend.
Meme-coins like Shiba Inu and Dogecoin have been the talk of the town for quite a long time. Recently, the most valuable cryptocurrency in the world Bitcoin activated its most awaited ‘Taproot’ update in four years.
