L.A.’s Staples Center will be renamed Crypto.com Arena.

The Staples Center, the residence of the Los Angeles Lakers and other professional athletics groups, claimed on Tuesday it would rebrand as Crypto.com Arena, a cryptocurrency platform dependent in Singapore.

The rebranding is the hottest example of a company at the centre of a know-how boom paying to rename a well-acknowledged sporting activities arena. The change will get impact on Xmas Working day, the arena said in a statement introduced late on Tuesday in Los Angeles but dated Wednesday.

The statement did not say how substantially Crypto.com, which was established in 2016, had compensated for the deal.

Crypto.com struck the 20-calendar year naming-rights agreement with A.E.G., an entertainment company based in Los Angeles that operates the venue. A.E.G. is managed by Philip F. Anschutz, the billionaire trader.

The arena has been named soon after the Staples office environment source company centered in Massachusetts since it opened in 1999. In addition to the Lakers, it hosts one more NBA crew, the Los Angeles Clippers, as well as the Los Angeles Kings of the Nationwide Hockey League and the Los Angeles Sparks of the WNBA.