With Crypto.com Stopping US Institutional Exchange, Will Lakers Arena Be Renamed Again?
Crypto.com, the cryptocurrency company that just bought the naming rights to your Los Angeles Lakers' home arena in 2021 in a $700 million, 20-year arrangement, will be closing down its institutional exchange stateside later this month, per James Cirrone of Blockworks.
The company issued a statement to Cirrone, citing lackluster market interest as the reasoning behind its decision.
“We recently made a business decision to suspend the institutional offering of the Crypto.com Exchange in the U.S. as of 11:59pm EDT June 21, 2023 due to limited demand from institutions in the U.S. in the current market landscape," the extremely personable explanation read in part. "Impacted institutional users were given advance notice to support a smooth transition."
How does this impact the moniker of the former Staples Center, now Crypto.com Arena?
Quite simply, it doesn't.
Sources inform Dave McMenamin of ESPN that Crypto.com is only ditching part of its stateside operations. The institutional exchange covers a limited amount of customers making significant financial deals through the service, but the company's core business, a retail app boasting 80 million users across the global, will continue unabated.
"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 declared of its future, per McMenamin.
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