LA’s Staples Center has announced in a naming rights deal that it will be rebranding as Crypto.com Arena starting Dec. 25th when the Los Angeles Lakers will be playing the Brooklyn Nets.

The famous arena has hosted all manner of concerts, sports matches and music events since its opening 22 years ago. From 25th Dec. 2021, it will be operating as Crypto.com arena until Dec. 25th 2041. The company is reportedly paying $700 million for it. It is now considered as the richest naming rights contract in sports history, according to ESPN.

Both parties have said that the deal’s negotiations were sealed fast due to a mutual understanding of each other’s businesses and a shared desire to collaborate together in order to create something “truly unique”.

Crypto.com is now an official cryptocurrency platform partner of Staples Center.