Hong Kong-based crypto trading platform, FTX, has won the right to rename the Miami Heat Stadium in a deal worth $135 million. According to Miami Herald, the stadium will now be known as FTX arena rather than American Airlines Arena.
FTX Soaring High
The robust crypto exchange which is barely 3 years old in the industry, has been making bold moves and causing a buzz in the industry. As the first crypto company to enter into such an arrangement, FTX will have its name on the iconic building until 2040.
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
The deal represents a small percentage of the platform’s daily trading volume that currently stands at about $634 million. The American professional sports venue also hosts concerts and events attracting close to 2 million visitors each year.
Collaboration with Miami-Dade
Miami-Dade County led the negotiations that will rake in close to $90 million for the local authority after deduction of expenses. FTX will also collaborate with the county to sensitize the area about FinTech through workshops and financial wellness campaigns. The crypto company has set aside another $5 million towards the same.
The Mayor of Miami-Dade, Daniella Levine, welcomed the move and termed it ‘as the best possible deal’ for them. FTX CEO, Sam Bankman-Fried, was also happy with the remaining terming the venture as ‘ an opportunity to provide diverse value to the Miami community.
Established in 2019, the company is now ranked 5th in the crypto space and is quickly looking to take the top 3 spot in the market.