Staples Center's name change to Crypto.com Arena could give cryptocurrency some valuable exposure, a crypto analyst said Wednesday.
The deal to change the Staple Center's name was announced Tuesday by the Singapore cryptocurrency exchange and AEG, the owner and operator of the arena that is home to the Lakers, Clippers, Kings and Sparks.
The change will be official on Christmas Day this year, when the Lakers will play in their home stadium.
"Crypto.com loves to make waves in the non-crypto world and has been slowly infusing its brand into the world of sports through many multi-million dollar deals," said Zak Killermann, Crypto & fintech expert, Finder. "From UFC to Formula 1, over to NHL and now to the NBA, Crypto.com’s sponsorships and partnerships may help Crypto.com become a household name."
Crypto.com also recently began a $100 million worldwide advertising campaign with Hollywood actor Matt Damon and Killermann said that with prices recovering from an all-time high, "the cryptocurrency market may benefit from this news and upcoming name change of the Staples Center."
"Recent data from Finder.com shows that only about 10% of Americans own cryptocurrency, a number I’m interested to follow as cryptocurrency is put into the face of millions of basketball fans this winter," Killermann said.
Crypto.com’s chief executive, Kris Marszalek, told the Los Angeles Times that he hopes that the new name will come to be seen as a sign of the times.
“In the next few years, people will look back at this moment as the moment when crypto crossed the chasm into the mainstream,” Marszalek said.