Staples Center in LA is being renamed Crypto.com Arena

• Staples Center in LA is being renamed Crypto.com Arena under a 20-year deal.
• The change is set to take effect on December 25.

Staples Center in Los Angeles, the home of the LA Lakers and LA Kings, is being renamed Crypto.com Arena.

The Singapore-headquartered cryptocurrency platform Crypto.com and Staples Center announced the change in a Wednesday press release.

The change is due to take effect on December 25.

The 20-year naming rights agreement also makes Crypto.com an "official cryptocurrency platform partner of the Los Angeles Lakers and the LA Kings," Crypto.com said.

Axios reported, citing sources, that the deal cost more than $700 million.

Staples paid around $120 million for 20-year naming rights for the center in 1999, Axios reported.