International venue and events operator AEG has secured a 20-year naming rights deal with cryptocurrency platform that will see AEG’s 20,000-capacity Staples Center in Los Angeles rebranded the Arena.

While there are major concerns around the environmental impact of crypto currency mining, and AEG said they are committed to working in the Los Angeles community to prioritise sustainability.

AEG said it was one of the first companies to adopt a greenhouse reduction goal that’s based on the 1.5 ̊ C global warming limit recommended by the Intergovernmental Panel on Climate Change (IPCC). has committed to becoming carbon negative by the end of 2022 by offsetting more carbon than is generated by all activities across the organisation.

The entertainment giant said the two companies will unveil the new logo and other branding assets including internal arena signage of the newly named Arena on 25 December, when the NBA’s LA Lakers host the Brooklyn Nets. All the venue’s external signage will be replaced by June 2022.

One of the world’s busiest arenas, on average the venue hosts around 240 events and 4 million guests per year, with events ranging from concerts, family and award shows to boxing.

The multi-purpose arena is the home of the LA Lakers and LA Clippers, the NHL’s LA Kings and the WNBA’s LA Sparks. The naming rights agreement makes an official cryptocurrency platform partner of the LA Lakers and the LA Kings.

The new agreement also includes official designations across L.A. LIVE, Microsoft Theater (7,100) and The Novo (2,400).

AEG president and CEO Dan Beckerman said, “This partnership is about the future. AEG and not only share a vision about innovation and the future of sports and entertainment, but we also have a shared commitment to our communities where we work and live. We look forward to partnering with to create meaningful initiatives to bring that vision to life in the years to come.”