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This Christmas, the iconic Staples Center in downtown Los Angeles will get a name change indicating a change of sponsorship. will supplant Staples on one of the world's most well-known sports and entertainment centers, allowing the legendary Los Angeles arena to become the Arena, according to Bloomberg’s CityLab.

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The change will be official on December 25, when the Los Angeles Lakers will play in their home stadium, the company said.

“If I had to pick one place to have naming rights, it would be Staples Center,” Kris Marszalek,’s CEO told Bloomberg’s CityLab. “This is in line with our ambition to be a top brand in the coming years, next to Nike and Apple.”

The shift signals Los Angeles’ ambitions to become a cryptocurrency center, echoing moves by other cities like New York and Miami to take that crown. Both of the cities recently released CityCoins and have pledged to bring the crypto industry to their urban centers.

The deal is expected to be valued at over $700 million across a 20-year time period.

This is not the only high-profile sponsorship by the company. also recently began a $100 million worldwide advertising campaign with Hollywood actor Matt Damon. The Singapore-based cryptocurrency exchange has been on a roll, courting sponsorship deals with multiple brands in the sports world, indicating a growing desire to capture the attention of an important demographic market: affluent, young audiences with an eye toward video games and sports.