Listen Live

LOS ANGELES – Los Angeles’ Staples Center soon will have a new name.

>> Read more trending news

According to The New York Times, the iconic sports venue – which hosts the Lakers, Clippers and other teams – will be called Crypto.com Arena beginning Dec. 25. The center’s owner and operator, AEG, announced the 20-year naming rights deal with the cryptocurrency platform in a news release early Wednesday.

“Known as the Creative Capital of the World, the city of Los Angeles and the people who call it home have always been pioneers, pushing the boundaries and innovating as the undeniable global leaders of culture and entertainment,” Kris Marszalek, Crypto.com’s co-founder and CEO, said in a statement. “We’re very excited about partnering with AEG and investing long term in this city, starting with Crypto.com Arena in the heart of downtown, and using our platform in new and creative ways so that cryptocurrency can power the future of world class sports, entertainment and technology for fans in LA and around the world.”

The cryptocurrency company paid at least $700 million for the agreement, sources told the Los Angeles Times.

This will mark the first name change for the venue, which has been called Staples Center since its opening in 1999, the news outlets reported.

Read more here or here.