Major cryptocurrency exchange FTX has reached a naming rights deal for a sports arena in Florina's Miami-Dade County, the Miami Herald reports.
For a cool $135 million, it will able to rename American Airlines Arena to the FTX Arena for the next 19 years, a first for any cryptocurrency business in the U.S.
The aforementioned sum would be distributed to the 13 commissioners of the county to combat poverty and gun violence.
First reports about the deal, which has now come to fruition, surfaced earlier this month. Until now, FTX CEO Sam Bankman-Fried was acting coy about the deal.
A decisive vote is looming
Still, nothing has been set in stone just yet. The FTX deal has yet to be approved by a Miami-Dade County Commission on March 26.
In February, Miami's City Commission passed a resolution to pay municipal workers in Bitcoin.
Mayor Francis Suarez is determined to turn his city into the cryptocurrency hub of the U.S.
Vladislav Sopov
Tomiwabold Olajide