Cryptocurrency enterprise Crypto.com recently declared a partial wind-down of its U.S. operations, igniting speculation among fans of the Los Angeles Lakers and the NBA. The buzz centers around whether the iconic Los Angeles venue might revert to its original name, Staples Center.
ESPN’s Insider Sources Weigh In
Citing insider information, ESPN reported that the changes in Crypto.com’s business model would not affect the naming rights agreement for Crypto.com Arena. This multi-functional venue is the home ground for the Los Angeles Lakers, LA Clippers, Los Angeles Kings of the NHL, and the Los Angeles Sparks of the WNBA.
Crypto.com’s Business Changes Explained
Reports released last Friday indicated that Crypto.com is discontinuing its institutional exchange activities in the United States, impacting approximately 400 clients. However, the company’s retail application remains robust, boasting a staggering global user base exceeding 80 million.
Company Statement on Future Plans
In a statement released last Friday, Crypto.com expressed steadfast confidence in its unique capabilities and services. The company underlined its commitment to delivering all other regulated services in the markets where it operates.
Historical Context: From Staples Center to Crypto.com Arena
The venue, known as the Staples Center since its launch in October 1999, underwent a significant rebranding last year. This change followed a reported $700 million naming rights deal, transforming it into Crypto.com Arena. Notably, Philip Anschutz, the chairman of Anschutz Entertainment Group (AEG), sold his 27% stake in the Lakers to Mark Walter and Todd Boehly, co-owners of the Los Angeles Dodgers, for an amount exceeding $1 billion.
Social Media Reactions
The news about Crypto.com’s business adjustments triggered a wave of varied reactions on social media platforms. One Twitter user expressed hope that the Lakers would negotiate with Staples to restore the venue’s original name. Another user argued that while rumors hinted at the return of the Staples Center name, the brand itself seemed to be fading, necessitating a more modern, digital-forward name. Conversely, a third tweet jubilantly claimed that the “silly name” would finally disappear, as the user had previously considered crypto to be a scam.
Awaiting Further Developments
As the cloud of uncertainty continues to hang, fans in Los Angeles are keenly awaiting more updates regarding the iconic venue’s name, seeking clarity in this unfolding narrative.
