FTX set to secure naming rights to Miami NBA stadium until 2040

FTX set to secure naming rights to Miami NBA 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.

Our top trading bots

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 significant partnership secured by FTX, as the crypto-exchange has been actively expanding its market reach since its launch in 2019.

In August 2020, the crypto exchange acquired Blockfolio for $150 million, a digital asset portfolio tracker with a strong user base of 6 million. Twitter user “Litocoen.eth” summed up the feelings of many by stating the deal was the “smartest acquisition in crypto imo.”

The exchange has listed a variety of tokenized mainstream stocks to attract a broader market. In December, they listed five stocks related to cannabis companies, along with offering traders exposure to Airbnb and pre-IPO derivatives contracts.

Following the reported controversy surrounding retail investors from r/Wallstreetbets and trading platform Robinhood, the exchange-listed a r/Wallstreetbets index of several assets such Doge, AMC Entertainment (AMC), and GameStop (GME).

Read on concerning Cointelegraph
Twitter reportedly working on Bitcoin tipping feature
Twitter is reportedly laying the groundwork to enable Bitcoin (BTC) tipping for content creators.According to MacRumors, the latest Twitter iOS beta includes...
XRP price chart 'double bottom' puts next bullish target at $1
Ripple's XRP token could hit $1 in the coming days, according to a classic technical chart setup.Dubbed a "double bottom," the trend reversal indicator...
$25B investment firm adds 'riskier' Grayscale GBTC and ETHE for clients
Bitcoin (BTC) and Ether (ETH) exposure has come to one of the world's biggest automated investment firms.In a blog post on July 29, Wealthfront, which has...
Countries representing over 90% of global GDP are exploring CBDCs
The quest to understand the opportunities and challenges of a central bank digital currency, or CBDC, is underway in 81 countries, with five nations fully...
Top 5 cryptocurrencies to watch this week: BTC, MATIC, THETA, CRO, LEO
Bitcoin (BTC) bulls have successfully defended the $30,000 level in the past few days but the failure to achieve a strong rebound has some traders worried...
Ethereum Classic devs announce upcoming hard fork
On Monday, developers of the Ethereum Classic (ETC) blockchain announced a hard fork to implement the project’s latest version, now scheduled for launch...
Democratic lawmakers have formed group to address regulatory concerns around crypto
Maxine Waters, who represents California's 43rd congressional district in the U.S. Congress, said she had organized a group of Democratic lawmakers for...
Analyst says Bitcoin could see ‘a smaller drawdown and a quicker bottom'
The cryptocurrency faithful got a reprieve from recent market struggles thanks to a rally in decentralized finance (DeFi) tokens and Dogecoin (DOGE) on...
UK ad organization bans crypto exchange’s ‘time to buy’ Bitcoin advert
A major advertising industry organization in the United Kingdom has ruled on an ad campaign telling people “it’s time to buy” Bitcoin (BTC).The Advertising...
Cardano Tumbles 25% In Rout
Investing.com - Cardano was trading at $1.079454 by 23:39 (03:39 GMT) on the Investing.com Index on Sunday, down 24.82% on the day. It was the largest one-day...
Ledger faces class action from phishing scam victims
Ledger and Shopify have been hit by a class action lawsuit over a major data breach that saw the personal data of 270,000 hard wallet customers stolen between...
Are emerging markets missing out on DeFi due to gas fees?
Despite grand visions of enabling farmers in Vietnam access to the world of global finance via Decentralized Finance, emerging markets could represent as...
Canada Reports Blockchain To Be Amongst Its Highest Paying Industries
A report recently published by the Canadian Digital Chamber of Commerce proves that the money involved in the blockchain industry of the nation is at the...
Hold It Or Take Profits? VC, Early Bitcoin Investor Knows The Answer
Bitcoin has demonstrated quite a significant growth for itself in 2017, soaring up by around 1,400% between January and mid-December. Currently, the king...
Blockchain ICO Speculation - Is It Healthy?
The new investing method is becoming real due to advances in the blockchain technology. Today we can say with confidence: ICO-investing is trending! On...