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Crypto.com acquires Lakers' home court naming rights for $700 million, Shohei Ohtani invests in FTX as global brand ambassador

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Crypto.com acquires Lakers

The iconic Staples Center in Los Angeles, home to the Lakers and Clippers, has made history by being rebranded as "Crypto.com Arena" after the naming rights were acquired by Crypto.com. Twitter users have expressed their dismay by launching the hashtag #StaplesCenterForever. Meanwhile, FTX has once again secured a heavyweight brand ambassador - Shohei Ohtani.

Staples Center

The Staples Center is currently home to the Lakers, NHL's Kings, and WNBA's Sparks. It opened in 1999 and was originally named after the office supply company Staples.

In a deal worth over $700 million, Crypto.com has acquired the naming rights for the next 20 years, marking what sources claim to be the most expensive naming rights deal in sports history.

According to an official press release, the arena will be officially renamed as Crypto.com Arena when the Lakers play against the Nets on Christmas Day 12/25, with internal signage changes to be completed by June 2022.

This deal also makes Crypto.com the official cryptocurrency platform partner of the Los Angeles Lakers and NHL's Kings.

Crypto.com Arena

Crypto.com CEO Kris Marszalek stated that this marks a significant moment for cryptocurrency entering the mainstream. When asked if they plan to use cryptocurrency for the naming rights payment, he denied:

No, we will not do that; this will be a direct cash transaction.

Todd Goldstein, President of AEG Staples Center, mentioned that the Staples name had become outdated, and AEG was seeking new brand partners capable of influencing the next generation of fans over the next two decades.

However, many fans who have witnessed historic moments at the Staples Center may not feel the same way, as they have taken to Twitter with the hashtag #StaplesCenterForever.

MLB Star Shohei Ohtani Becomes FTX Brand Ambassador

According to CNN's report, MLB's Los Angeles Angels' two-way player Shohei Ohtani has become a brand ambassador for FTX and FTX.US. FTX even created a "To The Moon" home run for him on Twitter.

Unlike Crypto.com's cash transaction, Ohtani's sponsorship fees will be paid entirely in cryptocurrency and FTX equity. When asked about the MLB star, FTX founder SBF stated:

He is obviously one of the most dynamic players in all of sports right now. We came into crypto very late, so we are trying to do a lot in a short period of time, and we have a lot to do in terms of brand building.

Following the positive news, the price of Crypto.com's token CRO surged over 10%, while the platform token FTT remained relatively flat.

CRO vs. FTT Comparison | 11/17 5-minute chart