CryptoCom Brings ‘Nine-Figure Investment’ For Stadium
- AEG Sports and Crypto.com have brought together a nine-figure investment plan as the crypto exchange continues to expand on a global scale.
- The exchange also received regulatory approval from the Organismo Agenti e Mediatori (OAM) to operate as a crypto broker in the nation.
Major cryptocurrency exchange CryptoCom has confirmed a new fund for its sports endeavours and plans to expand into the industry as well. Interestingly, this investment comes at a time when the entire crypto market is experiencing a bearish market trend and there are several exchanges that are experiencing financial crunches as well.
According to the announcement from CryptoCom on August 22, 2022, AEG Sports and Crypto.com have put together a nine-figure investment plan as the crypto exchange continues to expand on a global scale despite recently laying off a significant number of employees. The investment will be used to renovate the Crypto.com Arena and Xbox Plaza facilities at LA LIVE.
Moreover, the renovation is expected to last for over 2 years, but the CryptoCom arena will remain open during the same.
“Since its opening, we have invested hundreds of millions of dollars to ensure that the venue remains state-of-the-art, while consistently creating a world-class event and fan experience. The investment in these renovations demonstrates the ongoing commitment of AEG, the Lakers and the Kings to deliver the best experiences for all of our fans, partners, artists, and teams,”
said Dan Beckerman, President and CEO, AEG.
The “wide-ranging renovations” that will be made in the arena and Xbox Plaza “will provide fans with entirely new ways to experience their favorite sports and music events,” said Lee Zeidman, President of Crypto.com Arena, Microsoft Theater, and L.A. LIVE.
The two companies, CryptoCom and AEG, plan to invest millions in the coming months to build a state-of-the-art arena for sports fans. The plan is to create “new and refreshed hospitality options and spaces on multiple levels throughout the arena” and also, “all public and backstage areas of Crypto.com Arena will be included in this transformative project.”
“When the wide-ranging renovations are completed, guests, players and fans of the Kings, Lakers and Sparks, and performers coming to Crypto.com Arena and L.A. LIVE will all experience new offerings,”
said Zeidman.
The CryptoCom arena will have a multi-level Tunnel Club which will provide “new hospitality spaces and an exclusive viewing experience” for VIP guests. The crypto exchange also plans to introduce two major LED screens and visible ribbon boards on the upper and lower bowl seats as well.
Interestingly, the arena will be renovated under the guidance of the stadium’s original architects, Dan Meis and Ron Turner, who have spent 20 years creating world-class infrastructure in the world of sports stadiums.
The project also involves AEG partnering with PCL Construction, which will reprise its role as general contractor for the arena.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
