It’ll certainly be hard for many sports fans to start calling the home of the Lakers and the Kings the Crypto.com (CCC:CRO-USD) Arena. However, that’s going to be the case — the Staples Center will be no more, and fans will have to adapt to the new name of the Crypto.com Arena.
This naming rights news is perhaps one of the biggest sports fans have seen in some time. Naming rights for arenas change over time, as sponsorship budgets for various companies ebb and flow.
However, this news is perhaps bigger than the sports angle, or the implication on what this deal means for future naming rights negotiations (this is a whole story in and of itself). Indeed, investors appear intent on learning a bit more about the naming partner.
We all know that the crypto space has absolutely taken off in recent years. However, Crypto.com has become the center of attention following this deal. And rightfully so.
Let’s dive into a few things investors may want to know about Crypto.com and this licensing deal.
What to Know About the Newly Named Crypto.com Arena
- Crypto.com is a Singapore-based cryptocurrency brokerage.
- In addition to providing a place for investors to trade cryptocurrencies, Crypto.com also provides leverage to investors looking to invest or trade in this sector.
- Currently, the company has approximately 2,600 employees.
- This naming rights deal will total $700 million over the course of 20 years.
- Accordingly, this is one of the largest naming rights deals ever.
- The Staples Center will officially become the Crypto.com Arena on Dec. 25.
- Crypto.com hopes this deal will bring continued attention to its platform. Thus far, it’s gotten off to a good start.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
