LA Kings' Staples Center gets a new name

After 22 years of being the Staples Center, the home of the NHL's L.A. Kings, and several other sports teams, is getting a new name. Starting Christmas Day, the location will officially be renamed the Crypto.com Arena

According to the Associated Press, Crypto.com will have the naming rights to the arena for the next 20 years. The company is paying $700 million for it.

The arena, which seats 20,000 people, had been the Staples Center, named after the popular office supplies store, since it was opened in October of 1999. Besides the Kings, it also hosts the NBA's Lakers and Clippers, and the WNBA's Sparks. The Clippers will be moving to their own arena in 2024.

Crypto.com is a cryptocurrency exchange headquartered in Singapore. The company also has notable sponsorship deals with Formula One, Serie A, the UFC, Paris Saint-Germain F.C. and the Montreal Canadiens.

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