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
Australian women owning crypto has doubled in 2021: Survey
A new survey shared with Cointelegraph has found that the proportion of Australian women who own crypto assets has doubled in the last year. The 2021 Independent...
US crypto trading Voyager Digital granted European trading license
Cryptocurrency platform Voyager Digital has been granted an official licensing approval from French regulatory bodies Autorité des marchés financiers and...
30-somethings led crypto purchases at South Korean exchanges in 2021
Crypto users between 30 and 39 years old are the demographic with the most deposits on major exchanges in South Korea.According to a Sunday report from...
Bull or bear market, creators are diving headfirst into crypto
After an astronomical bull run into the beginning of this year that was followed by an abrupt halt and 50% drop since April, crypto markets are at a fork...
Analyst highlights 3 macro metrics that clearly show DeFi sector growth
Decentralized finance (DeFi) has been one of the hardest-hit sectors since Bitcoin (BTC) price corrected from its all-time high in early May and this can...
NFT game creator flips Axie Infinity virtual land for 9,200% gain in one year
Kieran Warwick, the co-founder of forthcoming NFT-powered gaming metaverse Illuvium, has revealed he made a gain of more than 9,000% from flipping a virtual...
Immunefi partners with Binance Smart Chain on bug bounties to secure BSC projects
Immunefi, a security service outfit that specialized in decentralized finance (DeFi) projects, has inked a collaboration with crypto exchange giant Binance.According...
Gold outshines Bitcoin in Q2 even after posting its worst month since 2016
Gold is set to outperform Bitcoin (BTC) in the second quarter of 2021.An ounce of gold has surged from  $1,707.45 on April 1 to over $1,750 in the still-running...
Crypto market cap recovers $76B, altcoins rally after Bitcoin hits $34K
Cryptocurrency traders received a reprieve from bearish market conditions on June 23 as Bitcoin’s (BTC) brief recovery to $34,880 triggered a rally in altcoins...
City in Sichuan reportedly orders crypto miners to shut down for investigation
Chinese authorities continue to crack down on cryptocurrency mining as a city in Sichuan province has reportedly halted local Bitcoin (BTC) mining farms.Authorities...
Bullish all the way? MicroStrategy doubles down on its Bitcoin bet
There’s never a dull day when it comes to crypto as was exemplified recently when the digital asset market dipped by around 50%, eventually taking the total...
Kazakhstan opens public consultation for central bank digital currency
Kazakhstan’s central bank is planning to examine the potential benefits and risks of adopting a state-backed digital currency.The National Bank of Kazakhstan,...
MocktailSwap's ‘Semi-fungible token’ project launches on Binance Smart Chain
MocktailSwap Finance, an up-and-coming DeFi protocol focused on automated market makers, has launched a so-called “semi-fungible token” on the Binance Smart...
Nasdaq CEO Believes Cryptos Have Place in Future in Economy
Almost two months ago Nasdaq’s representative Joseph Christinat confirmed the rumours that in 2019 the American stock exchange might launch BTC futures....
From Citizenship to Data: Trump’s Former Aide Says Cryptos Will Make People Freer
The instigator of right-wing populist groups as well as the former adviser to the current US President Donald Trump – Steve Bannon – has claimed that cyber...