Cryptocurrency exchange FTX has secured the naming rights to the home arena of NBA team Miami Heat for a reported $135 million.
Crypto exchange FTX wins rights to name the home arena of the Miami Heat! Crypto exchange FTX paid $135 million for the rights to name the 19,000 capacity stadium.
The current name of the stadium is American Airlines Arena – the new arena will be named the FTX Arena.
This is the first occurrence of a crypto business winning the naming rights to a major US professional sports venue.
FTX came to an agreement with Miami-Dade county for a 19 year partnership – FTX Arena will be the name of the stadium until at least 2040.
The agreement will go to the Miami-Dade County Board of Commissioners for final approval – the date of the special meeting is scheduled for March 26th.
This is yet another another sign of the increasing integration of the cryptocurrency industry being accepted to the mainstream. This isn’t the first, however, with Crypto.com securing a partnership with the Montreal Canadiens to have its logo brandished on the ice at its home arena, the Bell Centre.
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