Crypto exchange FTX retains the naming rights for the Miami Heat stadium until 2040 which is the first such move for any crypto business ever recorded so let’s find out some more in our latest cryptocurrency news today.
FTX has won the naming rights for the historic Miami Heat stadium in Florida according to the reports by Miami Herald and the stadium was previously known as the American Airlines arena but will now be called FTX Arena. The arena opened in 1999 and hosts concerts, events, and much more, drawing more than 2 million visitors per year as the report said. Yesterday’s move cost more than $135 million which is only a small piece of the daily trading volume of the exchange while FTX made its first-ever crypto-business to win the rights to name the sporting stadium.
The Miami Heat and cryptocurrency exchange @FTX_Official have agreed to a $135M naming-rights deal for their arena.
FTX will be the first crypto exchange to sponsor a major US professional sports venue.
The world is changing.
— Joe Pompliano (@JoePompliano) March 23, 2021
Miami-Dade county negotiated the agreement with the exchange in coordination with the stadium and announced an agreement for a 19-year partnership which means the exchange will keep the naming rights until 2040. The county is expected to get about $90 million in this time that the agreement lasts after deducting payments to Heat and other expenses. Mayor Daniella Levine said that she “identified the best possible deal for the county” and that the new partnership will have a positive impact on the community:
“We are glad to find a partner in FTX ready to invest in Miami-Dade.”
Crypto exchange FTX retains the naming rights and will further collaborate with the county to support technology and fintech education as well as other programs. In addition, the exchange committed an additional $5 million in contributions to the community. In the meantime, the FTX CEO Sam Bankman Fried said that the move was more than just a renaming activity:
“This opportunity is more than putting our name on an iconic building. It is a chance to provide value to the growing and diverse community in Miami and its surrounding cities, as well as join a championship community, a championship organization, and a championship culture.”
FTX was founded in 2019 and became one of the biggest crypto trading companies on the planet. Its trading volume exceeded over $6 billion in the past day and more than $50 billion in the past week.
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