The exchange entered into a 20-year contract with AEG, the owner of the Staples Center, one of the most famous sports stadiums.
Staples Center is home to four sports franchises - the Lakers, Clippers, Sparks and Kings. It has also hosted more than 15 Grammy Awards ceremonies.
According to sources, Crypto.com will pay AEG $700 million for the name change. This is one of the largest sponsorship deals in sports history. The name change will take place on December 25.
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