The Staples Center would be getting a new name for Christmas after the Singapore cryptocurrency exchange Crypto.com paid more than $700 million for the naming rights, both parties announced Tuesday.

Staples Center's New Name Crypto.com Arena to Debut on Lakers-Nets Christmas Game

Based on a report, sources familiar with the terms, the deal was considered as one of the biggest naming deals in sports history.

According to Los Angeles Times, The home of the Lakers, Clippers, Kings and WNBA's Sparks situated in downtown Los Angeles would be wearing a new name for 20 years after a deal was inked between Crypto.com and AEG, the owner and operator of the arena, for $700 million.

The new logo of the arena was set to debut on December 25, when the L.A. Lakers would host the Brooklyn Nets. However, all of Staples Center's signages would not be replaced right away. It would be fully designed as a Crypto.com Arena by June 2022.

Moreover, the chief executive of Crypto.com, Kris Marszalek, hoped that the new name would be seen as a sign of the times. Marszalek said when he reached his home in Hong Kong that in the next few years, people would look back at this moment as the moment when crypto crossed the chasm into the mainstream.

The Singapore cryptocurrency exchange's chief executive added that it was just a brilliant move from the guys at AEG because the next decade belonged to crypto. Marszalek emphasized that the deal positioned L.A. and this particular venue right at the center of the upcoming change.

Meanwhile, AEG is currently owning a number of sports teams, including the Kings and Galaxy. The sporting and music entertainment presenter also owned venues, including L.A. Live and London's O2 Arena. Also, the company operates the Oakland Coliseum and is considered one of the nation's largest event promoters, producing Coachella, among others.

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Crypto.com, AEG Consider Staples Center's Naming Rights Deal as Match Made in Heaven

Chief Executive Dan Beckerman said that the finance company was just the thing for downtown L.A. Beckerman shared that the deal was a match made in heaven, especially if people would consider the type of brands that they like to partner with.

Beckerman emphasized that the deal was made since Crypto.com was looking for the most unique branding platform to make a statement and drive adoption, and AEG was looking for an innovative, forward-thinking company that would help them chart a course for the future of sports and entertainment events.

AEG and Crypto.com stated that they are still working out exactly how far the partnership would go beyond the name, but integrating cryptocurrency payments into the arena and online purchases may be established as well.

When the fans and visitors see the arena, they would be seeing a clear change at the entrance to the arena from L.A. Live, adjacent to the statue of Magic Johnson, where the 3,300 square feet would become a dedicated Crypto.com "activation space." This will feature crypto-centric interactive experiences for sports or music fans.

Furthermore, Crypto.com has also signed with the Lakers and Kings as their official crypto partner.

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This article is owned by Latin Post.

Written by: Jess Smith

WATCH: Staples Center to be renamed Crypto.com Arena on Christmas Day - FOX 11 Los Angeles