Staples Center will now be called the Arena after an agreement with the owner, AEG.

The Staples Center is a multi-purpose arena that has hosted a range of public events, including boxing and basketball competitions, as well as concerts and ice hockey. It was also home to the NBA Los Angeles Clippers and Los Angeles Lakers, as well as the NHL Los Angeles Kings and Los Angeles Sparks WNBA.

According to the announcement, acquired the rights to the AEG naming for $700 million over 20 years. In 1999, Staples paid $100 million for 10 years of equity.

AEG is a multinational sports and entertainment company that, in addition to sports franchises, owns several properties.

On Christmas Day, the Los Angeles Lakers will face the Brooklyn Nets at Staples Center, who will receive a new name and logo for the first time in history. The stadium was built in 1999 and can accommodate 20,000 people.

When it comes to the next development, AEG Chief Commercial Officer Dan Goldstein called it an “exciting new chapter.” He went on to say that “the partnership represents the world’s fastest growing cryptocurrency platform and the world’s largest sports and entertainment business,” combined to build the future of sports and live entertainment.

The Los Angeles Lakers and Los Angeles Kings, who play home games at Staples Center, will partner with in a partnership. The company will be the “Official Cryptocurrency Platform Partner” for two professional sports franchises.

RELATED: UFC Signs $175 Million Sponsorship With is a Singapore-based cryptocurrency wallet and platform that specializes in MCO Visa Cards that allows users to earn rewards in multiple cryptocurrencies. While this is the first time has paid money to buy the name rights to sports and entertainment, it is not the first time the company has dived into the sports sector.

The company previously sponsored sporting events, including a $100 million Formula One sponsorship deal at the end of June. Ultimate Fighting Championship signed a $175 million sponsorship deal with in July.

Source: CoinTelegraph