In October, Coinbase announced plans to rename the Staples Center as the Crypto Arena. The company released an ad featuring Matt Damon and the catchphrase fortune favors the brave. It put up billboards across the world and took out a full-page ad in the Wall Street Journal. It has also signed partnership deals with various sports organizations. The Staples Center is the latest example of the company’s marketing blitz.
The cryptocurrency exchange has recently purchased naming rights to the American Airlines Arena, which has been home to the NBA’s Miami Heat for 19 years. It also recently bought naming rights to the Cal Berkeley football stadium for the next 10 years, at a cost of $17.5 million. The deal was instituted for the current season. In the past year, Staples has been undergoing a transition period, with 4.5% of its stores closing. A new ad from the company has been released, as well as partnership deals with various sports organizations.
SoftBank-backed FTX has been aggressively spending money to bring in A-list sponsorships, including the legendary NFL quarterback Tom Brady. They also have naming rights to the Miami Heat arena and the football field at UC Berkeley. They also have a deal with Major League Baseball. The company’s naming rights are the biggest in sports, so it makes sense that FTX is looking to expand its brand into a major sport arena.
FTX is a cryptocurrency exchange
In a recent move to boost brand recognition, FTX, a cryptocurrency exchange, has purchased the naming rights to the Miami Heat’s American Airlines Arena for $135 million. The Miami Heat previously used the name “American Airlines Arena,” but the brand was sold to another company in 2013. The move has been viewed as a bold move by the crypto exchange, which will benefit from the mass market brand awareness that the naming rights will give it.
Coinbase has been busy lately with its efforts to promote the cryptocurrency market. In October, the company released a new commercial with actor Matt Damon, saying, “Fortune favors the brave.” Billboards began popping up in various cities, and a full-page ad in the Wall Street Journal was published. Coinbase has also signed partnership deals with a number of sports organizations.
L.A.’s Staples Center
The cryptocurrency craze has reached L.A., but not everyone here has been paying attention. Coinbase, a global exchange, is renaming L.A.’s Staples Center as the Crypto Arena. The new logo will be unveiled on Christmas Day. If it is anything like the Cybertruck of logos, it will make Santa’s gift the weirdest one ever. If you want a truly unusual Christmas gift, you can get an early one – listen to Elon Musk-obsessed male relatives.
The deal isn’t the first NBA arena to take on a crypto-themed rebrand. The Miami Heat arena, previously named after American Airlines, has undergone a similar transformation. FTX, run by the world’s richest man in crypto, relocated its headquarters from Hong Kong to the Bahamas and signed a $135 million naming rights deal with the Miami Heat.
The latest step in a broader marketing blitz for cryptocurrency-related venues includes the renaming of Staples Center. The Singapore-based crypto platform recently inked a deal with venue owner AEG for naming rights. In addition to a new logo, the Staples Center is changing its in-arena signage for a Brooklyn Nets game on December 25. Other sports teams playing at the Staples Center include the NBA’s Los Angeles Lakers, the NHL’s LA Kings, and the WNBA’s Los Angeles Sparks. The arena has been known as Staples Center since 1999.
The renaming of the Staples Center is a massive move by the AEG sports company, who recently signed one of the largest naming rights deals in sports history. As cryptocurrency platforms continue to gain credibility and broaden their consumer appeal, they are seeking ways to promote their products and services. One such move was the FTX cryptocurrency exchange’s recent $ 135 million naming rights deal with the Miami Heat. Previously, American Airlines had the honor of naming the Miami Heat arena.
Partnership with FTX
In addition to the Staples Center’s sponsorship, Coinbase recently signed a sponsorship deal with MLB. The company put patches of its logo on umpires’ jackets. The exchange has also partnered with former and current MLB players. The Tezos Foundation, which spent an undisclosed amount on real estate at Citi Field, also has a partnership with MLB. In the past year, the exchange has signed sponsorship deals with the Los Angeles Lakers, San Francisco Giants, New York Mets, and Los Angeles Clippers.
FTX has been aggressively pursuing sponsorship deals in the sports world. It recently purchased naming rights to the American Airlines Arena, home to the Miami Heat for 19 seasons. In addition, FTX has a naming rights deal with Cal Berkeley’s football stadium for a decade. That deal cost the company $17.5 million and took effect for the 2018-19 season. This deal is particularly significant for Staples, which has been facing a downfall since the 2016 recession. A quarter of the company’s stores closed in 2017, and the company has signed deals with the NBA, Major League Baseball, and a number of other organizations.