The Staples Center will get a new name after signing one of the biggest naming rights deals in history, with Crypto.com. Consequently, starting from Christmas, the Staples Center will bear the name Crypto.com Arena.

According to the news by L.A. Times, the crypto-exchange purchased the naming rights from AEG for $700m. Being one of the biggest naming rights deals in history, Crypto.com will use the Staple Center in the next 20 years.

The new arena will debut its new name exactly on Christmas day, December 25th. And the first opponent that will play in the re-branded Staples Center will be Kevin Durant and his Brooklyn Nets.

Moreover, both external and internal signs with the Staple Center name will be re-branded by 2022 in June. This includes everything from parking stickers, up to road signs, billboards and anything related to the previous brand.

And what is even more interesting, Crypto.com will eventually become an official partner of two LA-based teams. Specifically, the NBA team Los Angeles Lakers and the NHL team LA Kings.

However, getting the naming rights of The Staples Center is not the first time for Crypto.com to deal with the NBA. In fact, the Philadelphia 76ers already wear the Crypto.com logo on their jerseys.

This deal will see AEG net $700m, making a historic milestone for blockchain technology. Especially since this will make Crypto.com the first crypto-exchange in history to sponsor not one, but three professional sports teams in the USA.

For anyone not familiar, AEG is one of the largest entertainment and sports companies in the world. In addition to ‘owning’ the Staples Center, they also operate several other famous establishments. Some of the most popular are the Mercedes Platz in Berlin and the O2 Arena in London.