The cryptocurrency train is gaining momentum as major landmarks are being renamed in light of the digital currency’s fast takeover. The Staples Center, a downtown Los Angeles staple, recently announced that they would be debuting their new name, Crypto.com arena, under a 20-year deal. The deal is between the Singapore cryptocurrency exchange and the Anschutz Entertainment Group, the owner and operator of the arena.
The AEG owns major sports teams, the LA Kings, Clippers and Galaxy, which Crypto.com will now be part owners of under this new deal. The arena also doubles as a concert venue where premier musical artists such as KISS, Bad Bunny, Ariana Grande, Bruno Mars, and Elton John have performed in the past. The arena will be presenting its new logo on Dec. 25, and the company will change its branding in June 2022.
Crypto.com and AEG are working together to smooth out the specifics of how cryptocurrency will factor into the daily operations of the arena. At the moment, it has been decided one of the major ways cryptocurrency will play a part will be in making in-person payments and online purchases at the arena.
Using crypto as a form of payment will be a definite departure from the days of the cash register. Those who use crypto to pay for goods use a digital wallet that stores public and private keys containing their crypto balances. This wallet allows users to transfer their crypto assets for the purpose of buying and selling. While cash balances may still be accepted, it is highly likely that classic stadium staples like hotdogs and popcorn will be paid for in crypto with this new change.
Students, interested and invested in the crypto boom, are excited about this new change.
“This is a demonstration of the fast-growing proliferation and investment of cryptocurrency, as tens of millions of people and a wide array of entities including companies and corporations now use it,” said Payton Alaama, a recent political science graduate from UC Irvine.
When the Staples Center was first named in 1997, many were intrigued and confused about h the change. Though it took some time to catch on, the Staples Center has now become a major destination and a household name in Los Angeles.
While interest is high regarding the new name change, there are some who believe that Crypto.com is unlikely to carry the same iconic ring as the Staples Center.
“Changing the name of the iconic Staples Center is like trying to change the name of Clorox wipes — it just won’t stick,” said Stefan Jones, business economics and literary journalism double-major at UC Irvine. “I doubt anybody, with the exception of sports commentators for legal reasons,[will] call it anything other than THE Staples Center.”