The Staples Center, home to the Los Angeles Lakers and other professional sports teams, said on Tuesday it would turn into Crypto.com Arena, a cryptocurrency platform in Singapore.
The rebrand is the latest example of a company at the center of a technology boom paying to rename a well-known sports arena. The change will take effect on Christmas Day, the arena said in a statement released late Tuesday in Los Angeles, but dated Wednesday.
The statement did not mention how much Crypto.com, which was founded in 2016, had paid for the deal.
Crypto.com entered into the 20-year naming deal with AEG, a Los Angeles-based entertainment company that operates the location. AEG is controlled by Philip F. Anschutz, the billionaire investor.
The arena is named after the Staples office supplies office, which has been located in Massachusetts since it opened in 1999. In addition to the Lakers, it hosts another NBA team, the Los Angeles Clippers, as well as the Los Angeles Kings of the National Hockey League and the WNBA’s Los Angeles Sparks.