C: https://www.ft.com/
LA’s Staples Center is one of the largest entertainment and sports outlets in the US. The staples center’s new name is a cryptocurrency company in a multi-million-dollar deal. A company based in Singapore will spend more than $700m for the privileges to the 20,000-seat arena. The new name of the company is Crypto.com Arena. It has approved a 20-year contract with AEG or Anschutz Entertainment Group.
The relaunch will be beneficial from Christmas Day. The Staples Center is home to four experienced sports teams. The four sports teams are ice hockey’s LA Kings, basketball’s LA Sparks, LA Clippers, and the LA Lakers. It has also introduced main boxing tournaments. It has also launched some of the music’s biggest celebrities, including Taylor Swift and Bruce Springsteen.
Inaugurated in 1999, the arena would reflect its first title change. The studio supply firm Staples Inc originally spent $100 million for the selection rights for a decade. In 2009, it approved a contract to broaden those rights for an unspecified time. But in 2019, stadium owner AEG bought the rights back for an undisclosed sum. Introduced in 2016, the firm now has some 3000 employees and 10 million users.
Its primary business is operating a digital exchange. It enables users to store and trade cryptocurrencies, but it has newly introduced its token. As per Kris Marszalek, in the future, individuals will remember this time as the time when crypto crossed the gap into the mainstream.
In the last few years, cryptocurrency firms have become very engaged in athletics sponsorship. The cryptocurrency company strives to attain mainstream distinction. Crypto.com already has over $400 million worth of athletics sponsorship contracts. The contracts include a shirt partnership with the Philadelphia 76ers basketball squad.
Meantime, in June, Major League Baseball declared a five-year coalition with the cryptocurrency trade firm FTX. And the Premier League football club Watford recently declared that their recent shirt sponsor, Stake, gave them money in cryptocurrency. Company giant Bitcoin once financed the league.
Credits: BBC
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