Cryptocurrency company Crypto.com announced on Friday that it is shutting down a part of its US business. Lakers and NBA fans were quick to react, asking if the Los Angeles arena would go back to being called Staples Center.
However, ESPN, quoting sources, reported that the winding of business would not affect the naming rights deal for Crypto.com Arena. The NBA court is home to the Los Angeles Lakers, LA Clippers, the NHL’s Los Angeles Kings and the WNBA’s Los Angeles Sparks.
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Reports on Friday said that Crypto.com is winding down its institutional exchange in the United States, which affects approximately 400 customers. The retail application has more than 80 million users worldwide.
“We remain fully confident in the continued success of our market differentiating capabilities and offerings and will continue to offer all other regulated services in the markets in which we operate,” Crypto.com said in a statement Friday.
The LA arena was known as Staples Center since its opening in October 1999. However, a reported $700 million naming deal last year had the name of the court changed to Crypto.com arena. Anschutz Entertainment Group (AEG) chairman Philip Anschutz sold his 27% stake in the Lakers to Los Angeles Dodgers co-owners Mark Walter and Todd Boehly in July 2021 for more than $1 billion.
“Lakers meeting with Staples to try and bring back Staples Center,” a Twitter user reacted to Crypto.com’s announcement.
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“they’re saying Staples is coming back, but Staples is a dying brand. They need something new and fresh that is on the forefront of the digital age,” another one added.
“That stupid name will finally be removed from Staples Center because as I’ve warned, crypto is a scam,” a third one tweeted.
