It is no secret that the world of cryptocurrencies move huge amounts of money. They have reached such a point that dedicated companies can advertise, such as an exchange that is promoted on the buses of the EMT of Madrid, or the most recent case of the exchange Crypto.com that has bought the rights to the name of the now known Staples Center in Los Angels
The stadium that is the home stadium of the Los Angeles Clippers, Los Angeles Lakers, Los Angeles Sparks, and Los Angeles Kings teams and has been used for WWE events such as Survivor Series 2018, and SummerSlam from 2009 to 2014 and the funeral of Michael Jackson. Basically, a crypto exchange is going to sponsor the name of a major Los Angeles stadium for at least twenty years.
Cryptocurrencies sponsor this stadium
This is a 20-year naming rights agreement between the Crypto.com exchange, and the company that owns the building, Anschutz Entertainment Group. Details of the amount paid have not been confirmed, but the total value is estimated to exceed $ 700 million.
This is far more than SoFi paid more than $ 600 million for the naming rights to the new NFL stadium in Los Angeles, where the Chargers and Rams play, while Intuit paid more than $ 500 million for the 23-year naming rights to a new stadium that will house the Los Angeles Clippers.
The official trade will occur on Christmas Day, including the replacement of the Staples logo on the roof of the building, just before the Lakers host the Brooklyn Nets.
The Staples brand originally paid about $ 120 million for a 20-year naming rights contract in 1999, when it was one of the largest retail chains in the United States. While Staples renewed their deal, Anschutz Entertainment Group was looking to revamp its name to something more modern, and Crypto.com was seeking deals to improve its brand image and become more known in the United States.
Source: Axios
