On March 23, Miami Dade County announced the partnership of the association with the cryptocurrency exchange, FTX. There were already discussions going on between the firms on the partnership. It can be observed that the mainstream adoption of the cryptocurrency sector can be observed as FTX is proceeding to sponsor the National Basketball Association’s Miami Heat. It will obtain the naming rights, where the teams’ arena is likely to be renamed as FTX arena. The deal will be the first major partnership with an American sports league for a cryptocurrency project.
And it happened to break the news yesterday, both the firms have made an agreement for a 19 year partnership which will include the FTX securing the naming rights for NBA’s Miami Heat arena as ‘FTX Arena’. The agreement is awaiting Board approval as the agreement will get directed to the Miami-Dade County Board of County Commissioners. The meeting is scheduled to be held on March 26. As the naming rights are going to get negotiated with the County in coordination with Miami Heat.
Miami-Dade County Mayor, Daniella Levine Cava said:
We are proud to announce this great new naming rights partnership for the Arena, and look forward to bringing it before the BCC for approval. Ensuring that we identified the best possible deal for the County and safeguarding the public’s finances were my top priorities throughout this process. This partnership, which will earn the County nearly $90 million over 19 years, will have positive impact across our community, and we are glad to find a partner in FTX ready to invest in Miami-Dade.
Joe Pompliano, founder of Huddle Up shared the good news on Twitter
Crypto exchange FTX has agreed to a 19-year, $135M naming rights deal for the Miami Heat's arena. That's a big deal, but the financial details are even more fascinating. Today's email breaks it down. Check it out 👇 & subscribe. Link: https://t.co/4h5cyaht3F pic.twitter.com/FRA44TCJb1 — Joe Pompliano (@JoePompliano) March 24, 2021
FTX CEO Sam Bankman-Fried said:
The entire FTX family is thrilled to partner with Miami-Dade County and the Heat. 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.
In collaboration with Miami-Dade County, FTX is underway to support technology and Fintech education, and other wellness programs for its residents dedicated to finance. For further development of the Miami-Dade community and its residents, FTX is contributing an amount of $5million.