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Highlights
- The Staples Centre announced that it would rebrand as Crypto.com Arena.
- In a US$700 million deal, Crypto.com has managed the naming rights for the next 20 years.
- Crypto.com has been active in the sports world and has previously managed to ink deals with leading brands such as PSG, 76ers, Formula One etc.
Come 25 December 2021, the famous Staples Centre will be known as a Crypto.com Arena. Staples Centre, home of the Los Angeles Lakers, has been one of the iconic sports arenas in the U.S. But in a US$700 million deal, Crypto.com has managed to get the naming rights for the complex for the next 20 years. Though the rebranding will come into effect this year from Christmas, the signages will only change by June 2022.
The Hong Kong-based exchange, Crypto.com, has been aggressive in branding and promotion, pointing towards how cryptocurrencies are now increasingly entering the sports industry to cash in big. This is a significant deal considering that the Staples Centre is home to four professional sports franchises. The LA Lakers, LA Clippers, LA Sparks and NHL giants Kings.
Crypto.com's previous sports deals
Crypto.com has been aggressive player in the sports arena and within NBA circles itself, the leading exchange had inked a deal with Philadelphia 76ers in September earlier this year, wherein it agreed to have its brand displayed on the athletes' jerseys for six years.
And not just the basketball arena, it has diversified when it comes to sports arenas. It debuted in Formula One when it had signed a five-year deal comprising of US$100 million of global partnership in June.
Also read: Binance crypto ad: Appeasing regulators or advocating future?
Later, in August, one of the biggest names in football circles, Paris Saint-Germain and Crypto.com, joined hands with the latter becoming the official cryptocurrency platform partner of the Parisian club. With the likes of Lionel Messi also coming to PSG, the emphasis on its fan tokens on Crypto.com's platform has significantly increased. Serie A is another football giant with whom the exchange has joined hands.
Other crypto exchanges actively involved in sports
Sports clubs and organisations increasingly recognise the importance of cryptocurrencies and maximise their reach with fans. Sports professionals and sports clubs feel they can tap into the likes of NFTs and maximise their reach. Crypto exchanges, too, are a proactive way to increase the brand reach and showcase that they are more than just a cryptocurrency exchange.
Besides Crypto.com, another leading exchange in the US, FTX, had inked a deal wherein they got the naming-rights NBA's Miami Heat play arena. FTX had also actively advertised during the just-concluded ICC T20 World Cup and IPL in the United Arab Emirates.
Also read: 3 meme-based tokens flying high this week
Crypto.com Coin doing well following the rebranding
Buoyed by the partnership, the Crypto.com Coin seems to be doing well in the market. Crypto.com Coin (CRO) is the native token of Crypto.com Chain, and it was trading at US$0.588327 with a 24-hour trading volume of US $2,25,73,52,941 at the time of writing (BST 8:30 am).
The CRO token was up by 33.66% in the last 24 hours, with its live market cap being US$14,86,29,07,313 and a circulating supply of 25,26,30,13,692 CRO coins.
Conclusion
Well, Staples Centre's latest rebranding as the Crypto.com arena is a testament that cryptocurrency is entering the sports field in a larger way. Now it's critical for both to cash in on the way and make the most of it to ensure the crypto adoption increases.
