The legendary Staples Center will be undergoing a name change in just over a month. On Christmas Day, the home of the Los Angeles Lakers and Clippers will go by a new name: Crypto.com Arena. Reportedly the largest U.S. venue naming rights deal, the deal has been rumored to be around $700 million.

According to Arash Markazi, the name change isn't the only update for the arena, as there is more to come:

There is likely to be a massive renovation, which would include a change in seats, concourse, and concessions. It is envisioned to be similar to the billion dollar renovation that occurred in Madison Square Garden.

With cryptocurrency on the rise, Crypto.com is amongst some of the top websites utilized to buy and sell cryptocurrency. The company is based in Singapore, and has done previous deals within the sports industry, whether it be with the UFC or Formula 1 racing.

Staples Center itself has been a well-known arena to many, especially with its affiliation to the Los Angeles Lakers. It was here where Kobe Bryant brought home championship trophies, and also where fans saw Bryant shape his legacy. The venue means a lot to the people of Los Angeles, and Crypto.com Arena will look to bring new memories and emotions to the place.