The Business of Sport

Why S'pore-based Crypto.com spent $957m to rename Staples Center

Crypto.com CEO Kris Marszalek has led the way for his company to spend more than $1 billion on sports-related partnerships around the world. PHOTO: CRYPTO.COM
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SINGAPORE - In the past nine months, Singapore-based cryptocurrency exchange platform Crypto.com has raised eyebrows by spending more than $1.4 billion in more than 10 sports-related sponsorship deals across basketball, e-sports, football, Formula One, ice hockey and mixed martial arts.

The biggest one of them all was the US$700 million (S$957 million), 20-year deal to rename Staples Center - home of one of the National Basketball Association's most storied franchises the Los Angeles Lakers as well as the Clippers - to Crypto.com Arena, which was announced on Nov 17.

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