The AEG-owned and operated venue, which is home to the NBA's Los Angeles Lakers and Clippers, the NHL's Los Angeles Kings, and the WNBA's Los Angeles Sparks, had a 20-year agreement that began last Christmas Day.
According to the Los Angeles Times, citing unnamed sources, the Singapore-based platform paid more than $700 million for brand recognition. Crypto.com was not immediately available for comment, but it revealed the deal in a statement posted on its website.
Over the past two decades, the venue has hosted high-profile events such as the Grammys and concerts by artists such as Taylor Swift, Beyoncé, and Ed Sheeran.
The parties stated in a joint statement published on the Staples Center website that the agreement would make Crypto.com an official cryptocurrency platform collaboration of the Los Angeles Lakers and the Los Angeles Kings.
Paris St. Germain announced that Lionel Messi's signing fee at the club included a few cryptocurrency fan tokens.
Crypto.com was established in 2016. Matt Damon, the actor, is an investor in the platform and recently participated in a promotional campaign for it.
Undergoing extensive renovations
The project, which started in May and is being finalized in stages, is expected to be done by fall 2024, although some of the improvements will be in place when the 2022-23 NHL and NBA seasons commence in October.
The changes include a new indoor-outdoor terrace on the roof, suites on the main concourse, a reinvented Chairman's Club, and removing cars on Chick Hearn Court.
The renovations will be supervised by the original architects of the former Staples Center, Ron Turner, and Dan Meis, despite the fact that they now work for non - affiliated firms. PCL Construction will serve as a general contractor once more.
The structure will remain open throughout the renovations. The Clippers are excited to have their own arena in Inglewood for the 2024-25 NBA season.