The Staples Arena to be renamed the Crypto.com Arena following a $700 million deal

Crypto.com is a cryptocurrency trading platform and the company is investing aggressively to gain market share while competing with Coinbase, Bitmart, Binance, and other crypto trading platforms. The staple center will be renamed Crypto.com arena after the company reached a $700 million deal. 

The company announced a partnership with Stables arena in a deal worth $700 million. According to sources, the deal gives Cryto.com the naming rights for the Stables Center, and it's for 20 years, also this is the richest naming rights deal in sports history.  

“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 so that cryptocurrency can power the future of world-class sports, entertainment and technology for fans in LA and around the world,” Crypto.com cofounder and CEO Kris Marszalek said in a press release.