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Staples Center soon to Be Renamed Crypto.com Arena

According to the 20-year naming rights agreement between the cryptocurrency platform and AEG, the Staples Center will receive a new name – Crypto.com Arena.

The official homes of the NBA Los Angeles Clippers and Los Angeles Lakers, NHL Los Angeles Kings, and WNBA Los Angeles Sparks will receive a new name on December 25.

A new logo will become public on Christmas Day when the Los Angeles Lakers will host the Brooklyn Nets.

Staples, with 20,000 seats, opened in 1999 in downtown Los Angeles and hosted hundreds of events.

Crypto.com became the official cryptocurrency platform partner of the Los Angeles Lakers and the Los Angeles Kings.

As already mentioned, the deal will come into effect on Christmas Day. The game will be on national TV by Lakers and Brooklyn Nets at the new Los Angeles Arena.

There is a new logo of the building and the high-quality branded area of the arena. It includes 3,300 square feet of event space at the entrance of the building, will come on Christmas Day.

Given the artist’s rendering of the arena released by Crypto.com, one would assume that the deal also included the building’s iconic roof banner.

This partnership represents the fastest-growing cryptocurrency platform and the world’s largest sports and live entertainment company. They will together drive the future of sports and live entertainment. Moreover, they will leave an incredible legacy in the field in the coming decades.

Perth Heat, Australian Baseball League club, will pay players in Bitcoin

The Perth Heat, the Australian Baseball League club, will use Bitcoin to pay for its players after partnering with a cryptocurrency payment company. The company claims to be the world’s first in the field of professional sports.

Analysts expect the club also to accept Bitcoin to pay for sponsorship, merchandise, and stadium concessions on match day.

A new chief Bitcoin officer position will facilitate the new operations and the transition of “corporate finance” from the U.S. dollar to cryptocurrency.

It is worth noting that this is not a one-time purchase to hedge against future uncertainties or inflationary pressures. According to the club heads, Perth Heat accepts that the future of currency and corporate bonds will exist on the Bitcoin blockchain.

According to a team statement, the Heat is the first professional sports club in the world to fully adopt Bitcoin. Moreover, they use the Lightning Network to pay acceptance and salaries for employees and players.

The Heat is one of Australia’s most successful baseball clubs. Since the founding of the league in 2010, it has won the ABL four times.

The club’s chief executive Steven Nelkovski said that the sponsorship agreement would enable the organization to achieve new success both on and off the court.

Players and organizers have entirely accepted the opportunities that Bitcoin payments can provide.

Moreover, the Australian Baseball Association, the national governing body of the game, has been contacted for comments.

The 2021-22 ABL season should have started this Thursday. However, due to the interruption by the COVID-19 pandemic, it was canceled for the second consecutive year last month.

How has Bitcoin performed last 48 hours?

The past 48 hours have been extremely turbulent for the cryptocurrency market. Bitcoin, the world’s largest cryptocurrency, is on the receiving end of violent volatility in terms of total market value. It has been falling from a relatively high of 65,517.30 US dollars to below 60,057.52 US dollars. As of press time, the transaction price of BTC was 59,276.41 USD.

Many analysts do not seem to be bothered by Bitcoin’s continued financial free fall. They claim that BTC might maintain its value in the range of 58,000 to 59,500 US dollars. In that case, the scenario can be reversed. In fact, some analysts believe that if BTC maintains its support of 61,000 US dollars, the coin might enter another big bull market in the short term.

Some analysts think differently. They believe that Bitcoin may fall to 54,000 US dollars in the next few days and weeks. However, they think the coin will only rebound and gain the support of around 63,000 US dollars.

Another exciting development worth noting is that the current turmoil coincides with the news that VanEck’s Bitcoin Strategy ETF (XBTF) went public a little earlier than 24 hours ago.

The offering opened with a considerable trading volume of approximately US$4.6 million. However, this number is only a fraction of the $1 billion first-day trading volume.

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