The iconic Staples Center - home of the Los Angeles Lakers and other sports franchises - is changing its name to Crypto.com Arena.

The change will be made official on Christmas Day, according to a 20-year naming rights agreement with AEG, which operates the famed sports and entertainment venue.

The Singapore-based Crypto.com platform paid more than $700 million to change the name, according to a report by the Los Angeles Times, citing unidentified sources.

Crypto.com was founded in 2016 and actor Matt Damon is an investor. He recently appeared in ads to promote the platform, which facilitates the trading of Bitcoin, Ether, Dogecoin and other cryptocurrencies.

Despite warnings from regulators and policymakers about the emerging asset's volatility, cryptocurrencies have attracted a surge of interest in the last year, as mainstream investors and companies embrace bitcoin and other digital tokens.

Apart from hosting the Lakers, LA Clippers, the NHL's LA Kings and the WNBA's Los Angeles Sparks, Staples Center has been the stage for high-profile events like the Grammys and concerts by the likes of Taylor Swift, Beyoncé and Ed Sheeran.

In a joint statement published on the Staples Center's website, the parties said that the deal would make Crypto.com an official cryptocurrency platform partner of the Lakers and Kings.