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FTX to Rename Miami Heat’s Arena to FTX Arena after Securing Naming Rights for $135M

UTC by Bhushan Akolkar · 2 min read
FTX to Rename Miami Heat’s Arena to FTX Arena after Securing Naming Rights for $135M
Photo: Depositphotos

Upon the final approval from the Miami-Dade community, crypto exchange FTX will be working along with them on several fronts of technology, financial wellness for Miami residents, and FinTech education.

On Tuesday, March 23, cryptocurrency exchange FTX finally secured the naming rights for the Miami Heat’s Arena. This comes as the cryptocurrency exchange paid a massive $135 million to get the rights for the home arena of the NBA Team Miami Heat.

FTX Arena

The arena that hosts a 19,000 audience is currently popular as the American Airlines Arena. However, the cryptocurrency exchange shall now rename it to FTX Arena. This will finally happen after the approval of the Miami-Dade County Board of County Commissioners at a special meeting Friday.

This is for the very first time where a crypto company gets naming rights to a popular US professional sports venue. The FTX exchange has reached an agreement with Miami-Dade County. Thus, the arena now gets the exchange name up to 2040, reports Miami Herald. In a statement, 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.”

County’s Partnership with Crypto Exchange FTX

The recent agreement of the FTX exchange with the Miami-Dade county brings the two together on several fronts from technology to FinTech education. Besides, the two will also work on financial wellness for Miami residents along with other programs.

Moving beyond the scope of the naming rights partnership, FTX has further committed an additional $5 million in contributions to the Miami-Dade community. In the statement released by Miami-Dade, 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.”

Other news from the cryptocurrency-related world can be found here.

Cryptocurrency news, News
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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