Staples Center is a world-class sports and entertainment venue which is located at the L.A. LIVE complex in downtown Los Angeles. The arena first started construction on March 31, 1998, and opened on October 17, 1999. It is famously known for the sports teams that play there such as the Los Angeles Lakers, Sparks, Kings, and Clippers.

The Staples Center has hosted a total of 11 championships rounds, two from the Kings, three from the Sparks, and six from the Lakers. But starting on December 25th of this year, Staples Center will no longer be known as Staples Center.

Staples Center will be renamed Crypto.com Arena on Christmas day. Crypto.com is a Singapore-based cryptocurrency brokerage that paid $700 million to rename the sports and entertainment venue. Anschutz Entertainment Group Worldwide (AEG) and Dan Beckerman (CEO of AEG), the company that owns Staples Center, said they made a 20-year naming-rights deal with Crypto.com.

In a live breakdown with Kris Marszalek (co-founder/CEO of Crypto.com) and Dan Beckerman, Beckerman explained that AEG made the agreement with Kris and Crypto.com because AEG wanted to think ahead and partner with a progressive organization that was technology-based to assist them in “charting a route” for 20 years.

At $700 million, the deal they made will be the largest amount of money ever paid for changing a sports venue’s naming rights.