The Crypto Company Behind the Renaming of the Los Angeles Staples Center

Less than four years ago, Crypto.com was the personal blog of a University of Pennsylvania computer science professor.

By the end of this year, the name will be emblazoned on one of the most storied U.S. sports venues, part of an expensive marketing blitz from a little-known company that took over the web address and turned the site into a cryptocurrency playground.

That company, which was founded as a start-up named Monaco in 2016, is a cryptocurrency exchange that also offers digital wallets and crypto-backed debit cards. It has its headquarters in Singapore but maintains addresses in Malta, the United Kingdom and Ireland. Its chief executive, who is also its majority shareholder, previously ran a failed daily deals site for Southeast Asia. The company is privately held and has raised no institutional funding.

Yet this week, Crypto.com, which billed itself as “the world’s fastest-growing cryptocurrency platform,” said it had secured the naming rights for 20 years to Staples Center in Los Angeles. The venue will be renamed Crypto.com Arena on Dec. 25. The deal cost about $700 million, said two people with knowledge of the details, one of the largest sums ever paid for a sporting venue’s naming rights.

Source: https://worldnationnews.com/cryptographic-company-behind-the-renaming-of-the-los-angeles-staples-center/