Cryptocurrency company Crypto.com announced Friday that closure of a part of its business will not affect its naming rights deal for the Los Angeles Lakers' Crypto.com Arena.
Cryto.com com is closing its exchange in the United State, which will impact approximately 400 U.S. customers that make large-scale transactions on the platform. The company's consumer platform, which allows 80 million user worldwide to trade crypto assets, will stay open.
"We remain fully confident in the continued success of our market differentiating capabilities and offerings and will continue to offer all other regulated services in the markets in which we operate," Crypto.com said in a statement Friday.
According to ESPN, AEG, which owns and operates the arena that is home to the NBA's Los Angeles Lakers and LA Clippers, the NHL's Los Angeles Kings and the WNBA's Los Angeles Sparks, entered into a 20-year, $700 million naming rights agreement with Singapore-based Crypto.com in November 2021.
The Arena was previously known as Staples Arena since its opening 1999.
