Staples Center in Los Angeles, the home of one of the most famous sporting franchises in the world the LA Lakers is being renamed Crypto.com Arena.

The naming rights deal is reportedly worth more than $US700 million over the next 20 years starting Christmas Day and is believed to be the most expensive naming rights deal in sports history.

After 22 years of operation, arena owner AEG announced on Tuesday night that the building would be renamed after an undisclosed deal was finalised with Crypto.com.

Crypto.com is a cryptocurrency trading and exchange platform headquartered in Singapore with over 10 million users and nearly 3,000 employees. Since the company burst onto the scene in 2016, it has been at the forefront of sport and entertainment sponsorships on a global scale with colossal deals over the past year.

The platform has managed to secure high profile partnerships with Formula One, the UFC, Italy’s Serie A, Paris St-Germain and the NHL’s Montreal Canadiens, while also buying the Philadelphia 76ers’ uniform sponsorship patch.

The company’s chief executive, Kris Marszalek, told the Financial Times that the Staples Center deal – which lasts 20 years – would eventually be viewed as “the moment that cryptocurrencies kind of crossed the cosmos into the mainstream.”

“There may be some initial resistance to the idea of (the name) change, I think that’s quite natural,” he was quoted as saying.

Alongside its extensive list of impressive sports teams, the stadium has hosted 19 Grammy Awards Nights, three NBA All-Star Games, two NHL All-Star Games and many sold-out concerts, live performances, and significant public events, such as memorials for Michael Jackson, Nipsey Hussle and Kobe Bryant.

AEG chief executive Dan Beckerman said the naming rights deal was a “match made in heaven”.

“Crypto.com is looking for the most unique branding platform to make a statement and drive adoption, and we’re looking for an innovative, forward-thinking company to help us chart a course for the full future of sports and entertainment events.”

The mammoth move received mixed responses online from fans and other stakeholders. However, Dallas Mavericks owner Mark Cuban seemed to approve of the new name, saying “I thought it was a brilliant deal.”

Cuban expanded on his comments, highlighting that these crypto companies are killing it right now and that he would like to seek ways to get these companies back into the United States.

It comes as Bahamian-based cryptocurrency exchange platform, FTX recently secured the naming rights on American Airlines Arena in Miami, home to the NBA’s Heat for 19 years, at $136 million.