Crypto.com is shutting down a portion of its business, but the name will remain in the Downtown Los Angeles area that is home to the Lakers, Clippers, Kings and Sparks.
On Friday, Crypto.com said it was shutting down its institutional exchange in the US. That division helped large investors trade in and out of positions in the cryptocurrency. The company said that around 400 customers have been affected.
However, the company’s biggest service, its app, will continue to serve retail investors. The company claims that there are millions of users of this app.
Crypto.com bought the naming rights to the arena in 2021 from Anschutz Entertainment Group (AEG). Crypto.com paid $700 million to have its name on the venue for 20 years. The arena was formerly known as the 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 major scandal.