LOS ANGELES – Cryptocurrency is perhaps the most widespread phenomenon understood by the least amount of people. Digital coins, along with the distributed ledger that can make financial transactions instant and untraceable have blasted into the world in 2009 promising a revolution – instead, it was met with scrutiny and many confused stares.

This didn’t stop them from becoming a massive phenomenon – today, there are several major (and countless minor) cryptocurrencies in circulation, and the tokens are accepted by a wide variety of outlets from gaming outlets like Crypto Thrills online casino to online stores and app marketplaces like the Microsoft Store.

Now, cryptocurrency has taken a major step toward becoming mainstream with the naming deal struck by AEG Venues and Crypto.com, the Singapore-based cryptocurrency exchange. Under the deal, Los Angeles’ iconic Staples Center, the venue that hosts the annual Grammy awards and is home to the LA Lakers and the LA Clippers, will be renamed Crypto.com Arena.

As a result, the arena joins the Microsoft Theater, becoming the second venue named after a tech company in AEG’s massive L.A. Live complex.

Under the same deal, Crypto.com also becomes the official cryptocurrency platform partner for the LA Lakers and the LA Clippers.

About Crypto.com

Crypto.com was launched in 2016 by DAX MT Limited, a company incorporated in Malta by founders Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo. Originally, it was called “Monaco” after the European microstate. Today, the platform is one of the biggest cryptocurrency platforms in the world, present in over 90 regulated markets, and has a user base that exceeds 10 million.

The company is serious about sponsorships: it has struck deals with Formula One, the UFC, and Paris Saint Germain, one of the best-known European soccer teams, and has recently launched a $100 million global ad campaign with actor Matt Damon as its ‘face’.

The growing interest in cryptocurrency and, more recently, NFTs, has helped Crypto.com to grow its user base at an incredible speed. The platform celebrated its 5 millionth user in October 2020 and its 10 millionth user in February 2021.

Big Tech Buying Up Naming Rights

Some of the better-sounding names in the world of technology are now going above and beyond to be seen in the “real world”, including buying up naming rights to various venues. This is not exactly a new phenomenon… but it has started becoming truly spectacular lately.

Amazon purchased the naming rights to the Seattle Center Arena in the summer of 2020, spending $400 million to rename it to Climate Pledge Arena – the name was reportedly chosen by Jeff Bezos himself to call to action about climate change. FTX, another crypto asset management company, spent $135 million on the naming rights of the former American Airlines Arena in Miami just this spring. And Comcast has a history of spending on naming similar venues, with two of them – in Massachusetts and Maryland – boasting the Xfinity brand as we speak.