The Los Angeles Lakers and LA Kings’ home arena, Staples Center, will be renamed Crypto.com Arena.
In a news statement issued on Wednesday, the Singapore-based cryptocurrency company Crypto.com and the Staples Center confirmed the move.
The new policy will go into effect on December 25.
Crypto.com is also the “official cryptocurrency platform partner of the Los Angeles Lakers and the LA Kings,” according to the 20-year naming rights agreement.
According to Axios, which cited sources, the sale was for more than $700 million.
According to Axios, Staples paid roughly $120 million for the center’s 20-year name rights in 1999.