It was reported approximately a year ago that Crypto.com would assume naming rights for the downtown Los Angeles sports and events venue formerly known as the Staples Center.
The reported 20-year, $700 million contract drew mixed reactions from fans, with supporters hailing AEG, the organization that owns the Lakers and Kings' arena, for its forward-thinking decision.
In the meantime, cryptocurrency is increasing league sponsor money. NBA sponsor revenue in 2022 was anticipated by Sportico to be $1.64 billion.
Other crypto businesses haven't been as resilient as the biggest cryptocurrency exchanges and coins, despite having sufficient funds to endure the most recent collapse.
Early this year, Terraform Labs, the creator of the Terra blockchain network, failed, sparking questions about its $38 million deal with the Washington Nationals.
The New York Post said that cryptocurrency exchange FTX, which forked over $135 million for the naming rights to the Miami Heat arena, turned down offers to sponsor the Angels' jersey patches.
The costs the company incurred during the crypto winter were the subject of discussion on Coinbase's earnings call.
Armstrong made no mention of the money the business had already invested to become the NBA's official cryptocurrency partner or the $14 million it had previously spent on a 60-second Super Bowl advertisement.