Staples Center will now be known as Crypto.com Arena after an agreement with its owner, AEG.

Staples Center is a multi-purpose arena that has been home to numerous public events including boxing and basketball competitions, as well as concerts and hockey. It’s also been the home of the NBA’s Los Angeles Clippers and Los Angeles Lakers, as well as the NHL’s Los Angeles Kings, and the WNBA’s Los Angeles Sparks.

Crypto.com purchased the naming rights to AEG for $700 million over 20 years, according to an announcement. In 1999, Staples paid $100 million for 10 years’ worth of naming rights.

AEG is a multinational sports and entertainment company that owns several facilities, as well as sports franchises. 

On Christmas Day, the Los Angeles Lakers will face the Brooklyn Nets at Staples Center, which will be updated with a new name and logo for the first time in its history. The arena was built in 1999 and has a capacity of 20,000 people.

When it comes to the next development, AEG chief revenue officer Dan Goldstein called it an “exciting new chapter.” He went on to say that the “partnership represents the world’s fastest-growing cryptocurrency platform and the world’s greatest sports and live entertainment business” combining to build the future of sports and live entertainment.

The Los Angeles Lakers and the Los Angeles Kings, which play home games at the Staples Center, will join forces with Crypto.com as part of the collaboration. The company will be an “official cryptocurrency platform partner” for the two professional sports franchises.

Related: UFC inks $175-million sponsorship deal with Crypto.com

Crypto.com is a Singapore-based cryptocurrency wallet and platform that specializes in the MCO Visa Card, which enables users to earn rewards in several cryptocurrencies. Though it is the first time that Crypto.com will pay money to purchase naming rights in sports and entertainment, it isn’t the company’s first time diving into the sports sector.

The business has previously sponsored sporting events, including a $100-million sponsorship agreement with Formula 1 in late June. The Ultimate Fighting Championship in July signed a $175-million sponsorship agreement with Crypto.com.