The Staples Center, the home of the Los Angeles Lakers and other professional sports teams, said on Tuesday it would rebrand as Crypto.com Arena, a cryptocurrency platform based in Singapore.
The rebranding is the latest example of a company at the center of a technology boom paying to rename a well-known sports arena. The change will take effect on Christmas Day, the arena said in a statement released late on Tuesday in Los Angeles but dated Wednesday.
The statement did not say how much Crypto.com, which was founded in 2016, had paid for the deal.
Crypto.com struck the 20-year naming-rights agreement with A.E.G., an entertainment company based in Los Angeles that operates the venue. A.E.G. is controlled by Philip F. Anschutz, the billionaire investor.
The arena has been named after the Staples office supply company based in Massachusetts since it opened in 1999. In addition to the Lakers, it hosts another NBA team, the Los Angeles Clippers, as well as the Los Angeles Kings of the National Hockey League and the Los Angeles Sparks of the WNBA.