The Stakeholders of the Staples Center, downtown Los Angles, late Tuesday, announced that the iconic venue will be renamed. The stadium will be called Crypto.com after the Center’s owner AEG struck a deal with Denver billionaire Phil Anschutz, the press release read. 

As per the release, the name takes effect from Christmas Day – December 25. It is a part of a 20-year agreement and the new logo will be unveiled that day. 

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“It will take until roughly June for all external signage to reflect the new name,” Crypto.com said.

The deal also includes making Crypto.com an “official cryptocurrency platform partner” for the Los Angeles Lakers and Los Angeles Kings. Both the teams play their home games at the venue. 

“We’re very excited about partnering with AEG and investing long term in this city, starting with Crypto.com Arena in the heart of downtown, and using our platform in new and creative ways,” Crypto.com CEO Kris Marszalek said in the company’s statement.

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The Staples Center opened its doors in 1999. It has served as a backdrop to some of the most memorable sports and live entertainment events over the two decades. 

“Each year, the world-class venue hosts over 240 major high-profile events of national and international distinction and over 4 million guests with events ranging from professional sports, concerts, family and award shows, boxing and special events, including the GRAMMY Awards, NBA All-Star Games and NHL All-Star Games among others,” the release states.

Staples has also hosted 19 of the last 21 GRAMMY Awards shows.

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“This partnership represents the fastest-growing cryptocurrency platform and the biggest sports and live entertainment company in the world converging to drive the future of sports and live entertainment as well as the incredible legacy of this arena for decades to come,” said Todd Goldstein, Chief Revenue Officer of AEG.

“It marks an exciting new chapter in the history of our company and our respective industries, and we couldn’t be more thrilled to have such a visionary partner like Crypto.com supporting our global fan base and local community.”