LOS ANGELES (CNS) — Staples Center will be known as Crypto.com Arena beginning Christmas Day under a 20-year naming rights agreement announced Tuesday evening.

AEG, which owns the arena, and Crypto.com, which bills itself as the fastest-growing cryptocurrency platform, will unveil the new logo and other branding assets including internal arena signage on Christmas Day, when the Lakers play host to the Brooklyn Nets. All of the venue's external signage will be replaced by June.

What You Need To Know

  • Staples Center will be known as Crypto.com Arena beginning Christmas Day under a 20-year naming rights agreement announced Tuesday evening

  • AEG, which owns the arena, and Crypto.com, which bills itself as the fastest-growing cryptocurrency platform, will unveil the new logo and other branding assets including internal arena signage on Christmas Day

  • The agreement includes official designations across Crypto.com Arena, L.A. LIVE, Microsoft Theater, The Novo, the Los Angeles Lakers and the Los Angeles Kings

  • The LA Times reported Crypto.com paid more than $700 million for the naming rights, according to sources familiar with the terms, making it one of the biggest naming deals in sports history

The agreement includes official designations across Crypto.com Arena, L.A. LIVE, Microsoft Theater, The Novo, the Los Angeles Lakers and the Los Angeles Kings.

The agreement also makes Crypto.com an official cryptocurrency platform partner of the Lakers and Kings.

Terms of the agreement were not announced. The Los Angeles Times reported Crypto.com paid more than $700 million for the naming rights, according to sources familiar with the terms, making it one of the biggest naming deals in sports history.

"We're very excited about partnering with AEG and investing long term in this city, starting with Crypto.com Arena in the heart of downtown, and using our platform in new and creative ways so that cryptocurrency can power the future of world class sports, entertainment and technology for fans in LA and around the world," said Crypto.com co-Founder and CEO, Kris Marszalek.

Crypto.com claims to have more than 10 million customers. Its headquarters are in Singapore and employs more than 2,600 people in offices across the Americas, Europe and Asia.

The company was founded in 2016. It recently began a global campaign featuring actor Matt Damon to formally introduce the platform.

Crypto.com also has sponsorships with the UFC, the F1 auto racing circuit, Italian soccer's Serie A, the NBA's Philadelphia 76ers and NHL's Montreal Canadiens.

The arena opened in 1999 and is home to the NBA's Lakers and Los Angeles Clippers, the NHL's Los Angeles Kings and WNBA's Los Angeles Sparks. It is one of the nation's leading concert venues and has been the site of 19 of the past 21 Grammy Awards.