bags naming rights for home of LA Lakers

Karthik Subramanian

The naming rights for Staples Center, home of the LA Lakers, has been bagged by the mobile wallet provider and crypto exchange and will henceforth be known as the Arena.

This was reached in an agreement between the owner of the building, Anschutz Entertainment Group, and and it is valid for 20 years though details of the financial deal were not disclosed. It is reported that it could be north of $700 million. The naming rights for the stadium had been on hold for the last 2 years as the 20 years agreement between Staples and the building owner expired in 2019 and the rights were not renewed but were bought back by the owner. The owner wanted to transfer it over to a business that was more forward-looking and in tune with the future and when realized this, they stepped in and negotiated an agreement. To give some context, FTX had paid $135 million for 19-year naming rights for the Miami Heat NBA Arena.

Many crypto companies have been on a hunt for sports-related sponsorships and in certain cases, it has even extended to the sponsoring of e-sports teams as the crypto industry realizes the synergy between the fans of various sports and the users of crypto and blockchain. These naming rights and other sports-related sponsorships help to build the branding of the various crypto companies and with the huge surge in interest for crypto all around the world and with funds being poured into the industry by the investors, the various businesses have been able to splash them around as they seek to gain a foothold in the US and other regions.

The official naming is expected to happen on Christmas Day and this is likely to be a big boost to the crypto industry within the US as it becomes more mainstream. Some of the crypto critics warn that all these developments are reminiscent of the early 2000s when the internet boom took over the world and a large amount of funds were poured into the industry which was then splashed around but 90% of the internet startups failed and only a few thrived. But for now, it is the time of the crypto industry and it may not be a surprise if other crypto exchanges and companies like Coinbase also join the bandwagon and push through large sponsorships for their branding and also to bring crypto to the mainstream.

Read this next

Digital Assets

Crypto exchange Bittrex exits US market amid regulatory woes

Bittrex said on Friday it plans to wind down operations in the United States and voluntarily liquidate because of the uncertain regulatory environment surrounding their business.

Institutional FX

Tradeweb completes integration of Nasdaq’s US fixed income platform

Tradeweb Markets has completed the technology integration of Nasdaq’s US fixed income electronic trading platform, formerly known as eSpeed, which it acquired two years ago in a $190 million, all-cash transaction.

Digital Assets

FTX Europe to allow client withdrawals via new website

The Cypriot unit of failed cryptocurrency exchange FTX has launched a new website that it says would allow customers to withdraw deposits of fiat currency and crypto assets after months of suspension.

Retail FX

Liquidators apply to cancel SVS Securities’ FCA license

An update published today by Leonard Curtis said the UK high court of justice has approve their application to bring the special administration of the failed wealth manager SVS Securities to an end.

Digital Assets

Japan forms government panel to pilot digital yen

Japan’s Finance Ministry has created an advisory panel to look at the feasibility of issuing a central bank digital currency, otherwise known as “CBDC”.

Digital Assets

USDC sees massive $10.4 billion outflows in March

Cryptocurrency traders have withdrawn more than $10 billion from the world’s second largest stablecoin, USDC, in less than three weeks even as concerns over the fallout from the Silicon Valley collapse have receded.


OSTTRA’s Joanna Davies goes beyond 30-30-30 data standard at FIA Boca 2023

FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with Joanna Davies about OSTTRA.


CloudMargin’s Stuart Connolly on how to manage collateral amid high rates at FIA Boca 2023

FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with Stuart Connolly about CloudMargin’s SaaS platform, said to be the only cloud-native collateral and margin management system in the industry, at a time of stress due to rising interest rates.


Baton Systems’ Alex Knight on solving post-trade with DLT at FIA Boca 2023

FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with Alex Knight about Baton Systems’ about rising settlement fails, collateral management, and the profile of DLT beyond cryptocurrencies.