in snaps up naming rights for the Staples Center in $700 million deal

Bybit - Get 50% APY on MANA & IMX

Bybit - Get 50% APY on MANA & IMX

On December 25, Los Angeles’ iconic Staples Center will be renamed into Arena.

To claim naming rights, crypto exchange signed a 20-year contract worth $700 million, reported CNBC, citing a person familiar with the deal. Arena

Staples Center will be renamed to Arena this December, as the LA Lakers host the Brooklyn Nets in the National Basketball Association’s annual Christmas Day games.

The deal made between and AEG, the owner and operator of the arena, ties Singapore cryptocurrency exchange in a partnership with the legendary basketball and hockey teams, LA Lakers and LA Kings.

According to the report, Staples paid $116 million over 20 years for the naming rights to the arena, starting in 1999.

“In the next few years, people will look back at this moment as the moment when crypto crossed the chasm into the mainstream,”’s chief executive, Kris Marszalek told Los Angeles Times.

Beyond sports events, the venue hosted major events such as the Grammys and claimed an important place in the city’s cultural landscape.

Crypto mainstream adoption 

“It’s a bit of a match made in heaven, when we think about the type of brands that we like to partner with,” AEG president and CEO Dan Beckerman told LA Times.

“ is looking for the most unique branding platform to make a statement and drive adoption, and we’re looking for an innovative, forward-thinking company to help us chart a course for the future of sports and entertainment events,” he added. already has several commercial sports partnerships, but the first in the NBA go to the Philadelphia 76ers.

To tip off the deal, which made the team’s official jersey patch partner, the 76ers announced launching their first-ever non-fungible token (NFT), available through NFT.

Earlier this year, the Singapore-based crypto exchange also signed a deal with the Montreal Canadiens of the National Hockey League and secured a brand presence in the Formula 1′s Sprint series through a $100 million sponsorship.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Bybit - Get 50% APY on MANA & IMX

Like what you see? Subscribe for updates.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Square to Consider Building a Bitcoin Mining System

Crypto Exchange Gemini Trust Looks for $7B Valuation In $400M Funding Round: Report

Here's What Indian Prime Minister Thinks About Crypto and Bitcoin

Here’s What Indian Prime Minister Thinks About Crypto and Bitcoin