Cryptic Sight In LA Monday As Staples Center Sign Comes Down

After 22 years, six NBA championships and two Stanley Cup titles, the Staples Center is coming down. At least, the sponsor name... Letter by letter. Construction crews began to take down the iconic Staples Center name on Monday. It was an odd sight to see for Los Angeles sports fans of the current generation.

The arena will get its new name, the Crypto.com Arena, erected in time for its Christmas Day debut when the Los Angeles Lakers host the Brooklyn Nets. 

Crypto.com paid $700M for the naming rights, and according to The Athletic, they don't even care if you have no intention of calling it by that rather awkward moniker. 

“He or she will call it whatever they want, and we’ll be OK with that,” said Steven Kalifowitz, chief marketing officer for Crypto.com. “It’s part of a broader strategy of getting people to know who we are.”

Brand recognition is the name of the game, and people saying they're not going to call it the Crypto.com Arena accomplishes the same feat as when people do call it that.

“I’m happy for them to say, ‘The company that took over Staples Center,’” Kalifowitz said. “Over time, it’s really about growth of the business.”

That business is a crypto exchange and mobile wallet provider, based in Singapore. They currently have three million users. 

The naming rights deal is good for 20 years, and the $700 mill is the most any company has ever paid for naming rights for an arena. For comparison, the office equipment giant Staples had paid a mere $116M for 20 years when the building opened. 

In addition to all Lakers, Clippers (until the Clippers move into their own arena in 2024), Sparks (WNBA) and Kings (NHL) home games, the building also hosts concerts, events, and the Grammy Awards on an annual basis. 240 events in all. 

Ready or not, get ready to hear a lot of "Crypto.com Arena."