Miami Arena will turn into the first FTX Crypto Arena

Miami Arena will turn into the first FTX Crypto Arena

BUSINESS | Mar 24, 2021 | WOZINGA NEWS

Miami Arena will turn into the first FTX Crypto Arena

  • FTX CEO Sam Bankman-Fried will finally win the naming rights for Miami Arena

By Marielle Petere Wozinga Journalist

Miami Arena will turn into the first FTX Crypto Arena

Blockchain billionaire and FTX CEO Sam Bankman-Fried will finally win the naming rights for Miami Arena. The schedule of voting is on March 26, 2021. 

The FTX naming rights deal for Miami Heat’s Arena will likely be approved, according to Miami Herald. For voting on the sponsorship agreement, Miami-Dade County Commissioners’ special meeting is already set. It will be on Friday, Mar. 26 at 11 a.m.

Miami Heats and FTX partnership

The legal notice was posted Friday, March 19, and did not directly mention the FTX crypto derivatives exchange. However, the Herald confirmed on March 12 about the FTX  tentative deal; the legislators’ approval is only needed. 

Miami-Dade Mayor Daniella Levine Cava said she ensures and prioritizes the security of the public’s finances during the negotiation process. It is expected that this partnership will give a positive impact on the Miami community.  The Miami Heat team is also involved in this negotiation.  

The 19-year sponsorship is worth $135 million. The County will deduct $90 million from the payment since it controls the naming rights. The remaining funds will be paid to the NBA team, the Miami Heat$2 million per year. 

The American Airline Arena sponsored the indoor arena for almost two decades. If it is approved, the iconic silhouette giant aircraft on the roof will be removed; the 20,000-seat sports and entertainment arena owned by Miami-Dade County will be renamed FTX Arena. 

Sam Bankman-Fried as the new crypto billionaire

Bankman-Fried, 28, made a buzz when Hurun Research Institute revealed his $10 billion in assets. According to Hurun, he is now the second crypto billionaire and is wealthier than Changpeng ZhaoBinance CEO. 

Vex also reported that he also became one of President Biden’s megadonors during the campaign; he donated  $5 million to Democrats. Now, the FTX crypto-derivatives platform will venture into this historical business deal. 

If the FTX cryptocurrency exchange naming rights will be legally approved, the Miami Arena is the first crypto-sponsored arena in history.

Will Miami Heats and FTX partnership give a positive impact on the Miami community?

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