Crypto.com Arena To Keep Controversial Name Despite Closures

Last Friday the cryptocurrency company “Crypto.com“ has announced the closure of a portion of its business. However, this decision will not impact the naming rights agreement for Crypto.com Arena in downtown Los Angeles, as reported by ESPN.

The closure specifically affects Crypto.com's institutional exchange in the United States, affecting around 400 customers engaged in large-scale crypto transactions on the platform. Nonetheless, Crypto.com's primary business, a retail app catering to over 80 million users worldwide, remains unaffected. The arena is home to the Los Angeles Lakers and LA Clippers of the NBA, the Los Angeles Kings of the NHL and the Los Angeles Sparks of the WNBA.

In November 202 Crypto.com entered into a 20-year, $700 million naming rights deal. Prior to this, the venue had been known as Staples Center since its opening in October 1999.