Staples Center to change name to Crypto.com Arena starting Christmas 2021

The iconic Staples Center in Los Angeles is entering a new era as it changes its name to Crypto.com Arena starting December 25.

The Staples Center on its website Wednesday announced the agreement between AEG, the owner and operator of the multipurpose arena, and cryptocurrency app Crypto.com, to change the name of the famous sports and entertainment venue for the next 20 years.

The 20,000-seater arena is home to some of the major leagues' sports teams such as the NBA's Los Angeles Lakers and LA Clippers, WNBA's Los Angeles Sparks, and NHL's LA Kings. It also hosts entertainment events, with 19 of the last 21 Grammy Awards held within its walls.

With the change in name, Crypto.com will also become the official cryptocurrency partner of the NBA's Los Angeles Lakers and the NHL's LA Kings.

Crypto.com co-founder and CEO Kris Marszalek said the agreement will put the cryptocurrency app at the forefront of sports, entertainment, and technology.

"We're very excited about partnering with AEG and investing long term in this city, starting with Crypto.com Arena in the heart of downtown, and using our platform in new and creative ways so that cryptocurrency can power the future of world class sports, entertainment and technology for fans in LA and around the world," he said in a statement.

"This partnership represents the fastest-growing cryptocurrency platform and the biggest sports and live entertainment company in the world converging to drive the future of sports and live entertainment as well as the incredible legacy of this arena for decades to come," said AEG chief revenue officer Todd Goldstein.

The new logo of the venue and other internal arena signages will be unveiled on December 25, when the Lakers play the Brooklyn Nets in the arena. All external signages will be replaced by June next year.

Located in downtown Los Angeles, the Staples Center opened its doors in 1999.

—Justin Kenneth Carandang/MGP, GMA News