Crypto.com Plans Multi-million dollar Renovation of Staples Center

Singapore-based crypto exchange Crypto.com has tweeted that it will make a series of updates to its iconic arena, the Staples Center, including renovations of giant screens and concession stands, as well as a terrace overlooking downtown Los Angeles.

According to the company, the Los Angeles-based venue, the Staples Center, will be renamed and planned for a "multimillion-dollar campaign."

Last year, Crypto.com signed a 20-year cooperation deal worth $700 million with Anschutz Entertainment Group (AEG), which owns the Staples Center and the L.A. Live.

As part of the agreement, Crypto.com has acquired the naming rights to the Staples Center, the Los Angeles Lakers home of the NBA team.

Staples Center will be renamed Crypto.com Arena. This will be the largest venue naming rights transaction in U.S. history so far.

As reported by Blockchain.News on August 24, The American cryptocurrency exchange giant FTX sponsors the University of California, Berkeley (UCB) with $17.5 million in cryptocurrency in exchange for getting the 10-year naming right of the California Memorial Stadium.

Crypto.com and BlockFi have followed a series of various crypto firms faced with massive layoffs due to the recent downturn in the crypto market. Crypto.com said it would reduce its workforce by 5%, or about 260 staff members.

In August, the leading crypto exchange acquired South Korean virtual asset exchange OK-BIT and payment service provider PnLink under the Korea Electronic Financial Exchange Act, expanding its business to South Korea.

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