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Crypto.com is shuttng down a portion of its business, but its name will remain on the downtown Los Angeles arena that is home to the Lakers, Clippers, Kings and Sparks.
On Friday, Crypto.com said it is closing its institutional exchange in the US. That division helped large investors trade in and out of positions in cryptocurrency. About 400 customers are affected, the company said.
However, the company’s biggest service, its app, will continue on to serve small investors. The app has multiple millions of users, the company claims.
Crypto.com purchased the naming rights to the arena from Anschutz Entertainment Group (AEG) in 2021. Crypto.com paid $700 million to have its name on the venue for 20 years. The arena was previously known as Staples Center.
Stadium and arena names change frequently in sports as corporate fortunes wax and wane. The NBA recently saw the Miami Heat’s FTX Arena sell its naming rights to a software company after FTX went bankrupt in a massive scandal.
