Staples Center name change to Crypto.com Arena draws pushback

Anschutz Entertainment Group (AEG) announced Tuesday the name of the iconic Staples Center in downtown Los Angeles will soon change to Crypto.com Arena. According to a news release on the Staples Center website, the name change is part of an “historic, 20-year naming rights agreement” costing $700 million. AEG and Crypto.com will unveil the venue’s new logo and branding on Christmas Day. All of the venue’s external signage will be replaced by next June.

“This partnership represents the fastest-growing cryptocurrency platform and the biggest sports and live entertainment company in the world converging to drive the future of sports and live entertainment as well as the incredible legacy of this arena for decades to come,” AEG Chief Revenue Officer Todd Goldstein said in the news release. “It marks an exciting new chapter in the history of our company and our respective industries, and we couldn’t be more thrilled to have such a visionary partner like Crypto.com supporting our global fan base and local community.”

According to the release on the Staples Center name change, Crypto.com serves over 10 million customers. The company, based in Singapore, recently partnered with actor Matt Damon on a global campaign to introduce the platform.

“We’re very excited about partnering with AEG and investing long term in this city… and using our platform in new and creative ways so that cryptocurrency can power the future of world class sports, entertainment and technology,” Crypto.com Co-Founder and CEO Kris Marszalek said in the news release.

The Staples Center name change wasn’t well received by everyone. Many drew comparisons to the Sears Tower in Chicago changing its name to the Willis Tower.

This stadium = LA's version of the Sears Tower in Chicago. In other words: "Y'all can change the name to whatever you want, but I'm still calling it by its original name; thanks." https://t.co/JEAVBCcC86

— Chris Herring (@Herring_NBA) November 17, 2021

Vanessa Bryant, widow of Los Angeles Lakers legend Kobe Bryant, said the Staples Center will be “forever known as ‘The House that Kobe Built’” on her Instagram story. Kobe died early last year in a helicopter crash.