Cryptocurrency exchange FTX is on the brink of securing naming rights to Miami Heat’s stadium until 2040.
FTX has reached an agreement with Miami-Dade County on a 19-year partnership worth $135 million, to name Miami Heat’s home stadium the FTX Arena. The cryptocurrency derivatives exchange backed by Alameda Research, is set to become the first member of the crypto industry to secure NBA naming rights, pending approval from the Miami-Dade County Board of County Commissioners on March 26. The deal marks a significant mainstream partnership for a crypto-based platform, which will see FTX tied to the Miami Heat until 2040. As part of the Miami-Dade County’s press release on March 23, FTX CEO Sam Bankman-Fried noted: “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.”According to the Miami Herald Miami-Dade County will see $90 million from the deal once expenses and payments to the Miami Heat are deducted, with the funds being divided among the 13 county commissioners and directed toward combating gun violence and poverty.Legislation allocates “20% of the revenue to each district equally for payments to programs and organizations that either combat gun violence or promote economic prosperity,” with the remaining 80% “distributed based on each district’s share of the county’s “shooting homicides and shooting incidents.”If the deal is approved, it marks another …
Story continues on Cointelegraph
Menu