{"id":185043,"date":"2021-03-24T06:25:24","date_gmt":"2021-03-24T06:25:24","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=185043"},"modified":"2022-01-20T19:55:24","modified_gmt":"2022-01-20T19:55:24","slug":"crypto-exchange-ftx-bags-miami-heat-stadium-rights-for-135-million","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/crypto-exchange-ftx-bags-miami-heat-stadium-rights-for-135-million\/","title":{"rendered":"Crypto exchange FTX bags Miami Heat stadium rights for $135 million"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Crypto exchange <\/span><a href=\"https:\/\/cryptoslate.com\/companies\/ftx\/\"><span style=\"font-weight: 400;\">FTX<\/span><\/a><span style=\"font-weight: 400;\"> has won the naming rights of the historic Miami Heat stadium in Florida, a report on local publication <\/span><a href=\"https:\/\/www.miamiherald.com\/sports\/nba\/miami-heat\/article250027209.html\"><i><span style=\"font-weight: 400;\">Miami Herald<\/span><\/i><\/a><span style=\"font-weight: 400;\"> said Tuesday. The stadium was formerly known as the American Airlines arena and would now be called FTX Arena.<\/span><\/p>\n<h2><b>FTX makes bold moves<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The arena, which opened at the end of 1999, also hosts concerts and other events, drawing nearly two million visitors per year, the report said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Yesterday\u2019s move cost over $135 million\u2014a fraction of the exchange\u2019s <\/span><a href=\"https:\/\/www.coingecko.com\/en\/exchanges\/ftx\"><span style=\"font-weight: 400;\">daily trading volume<\/span><\/a><span style=\"font-weight: 400;\">\u2014and made FTX the first-ever crypto business to win the rights to name a sporting stadium.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The Miami Heat and cryptocurrency exchange <a href=\"https:\/\/twitter.com\/FTX_Official?ref_src=twsrc%5Etfw\">@FTX_Official<\/a> have agreed to a $135M naming-rights deal for their arena.<\/p>\n<p>FTX will be the first crypto exchange to sponsor a major US professional sports venue.<\/p>\n<p>The world is changing.<\/p>\n<p>(H\/T <a href=\"https:\/\/twitter.com\/MiamiHerald?ref_src=twsrc%5Etfw\">@MiamiHerald<\/a>) <a href=\"https:\/\/t.co\/oJja4XFiv7\">pic.twitter.com\/oJja4XFiv7<\/a><\/p>\n<p>&mdash; Joe Pompliano (@JoePompliano) <a href=\"https:\/\/twitter.com\/JoePompliano\/status\/1374412469095989253?ref_src=twsrc%5Etfw\">March 23, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Miami-Dade County, which negotiated the agreement with FTX in coordination with the Heat, announced the agreement in principle of a 19-year partnership, meaning the exchange shall keep the naming rights until 2040.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The county is expected to get about $90 million over the 19 years after deducting payments to the Heat and other expenses. The latter collects the naming-rights revenue but must pay the team over $2 million each year.<\/span><\/p>\n<h2><b>What\u2019s in a name?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Mayor Daniella Levine said she \u201cidentified the best possible deal for the county\u201d and that the partnership was expected to have a positive impact across our community. \u201cWe are glad to find a partner in FTX ready to invest in Miami-Dade,\u201d she said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Levine added that FTX would further collaborate with Miami-Dade County to support technology and Fintech education, financial wellness for residents, and other programs. In addition, the exchange has even committed an additional $5 million in contributions to the Miami-Dade community.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, FTX CEO <\/span><a href=\"https:\/\/cryptoslate.com\/people\/sam-bankman-fried\/\"><span style=\"font-weight: 400;\">Sam Bankman-Fried<\/span><\/a><span style=\"font-weight: 400;\"> said that the hefty move was more than just a mere stadium renaming activity. \u201cThis opportunity is more than putting our name on an iconic building,\u201d he said, adding:<\/span><\/p>\n<blockquote><p><b>\u201cIt 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.\u201d<\/b><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">FTX was founded in 2019 and has quickly grown to become one of the biggest crypto-trading firms on the planet. As per CoinGecko, its trading volumes exceeded over $6 billion in the past day and over $50 billion in the past week. And it\u2019s now clearly looking to make its mark.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crypto exchange FTX has won the naming rights of the historic Miami Heat stadium in Florida, a report on local publication Miami Herald said Tuesday. The stadium was formerly known as the American Airlines arena and would now be called FTX Arena. FTX makes bold moves The arena, which opened at the end of 1999, [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":185183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto exchange FTX bags Miami Heat stadium rights for $135 million<\/title>\n<meta name=\"description\" content=\"Crypto exchange FTX has won the naming rights of the historic Miami Heat stadium in Florida, said a report on local publication Miami Herald.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/crypto-exchange-ftx-bags-miami-heat-stadium-rights-for-135-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto exchange FTX bags Miami Heat stadium rights for $135 million\" \/>\n<meta property=\"og:description\" content=\"Crypto exchange FTX has won the naming rights of the historic Miami Heat stadium in Florida, said a report on local publication Miami Herald.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/crypto-exchange-ftx-bags-miami-heat-stadium-rights-for-135-million\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-24T06:25:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-20T19:55:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/ftx-arena.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/crypto-exchange-ftx-bags-miami-heat-stadium-rights-for-135-million\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/crypto-exchange-ftx-bags-miami-heat-stadium-rights-for-135-million\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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