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Cryptocurrency Exchange Secures $135 Million Naming Rights Deal with Major Sports Arena

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Tue, 03/23/2021 - 19:24
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Alex Dovbnya
It cost FTX a whopping $135 million to get rid of the iconic airplane on the roof of American Airlines Arena
Cryptocurrency Exchange Secures $135 Million Naming Rights Deal with Major Sports Arena
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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. 

Related
Miami Could Put One Percent of Its Treasury Reserves Into Bitcoin, Mayor Francis Suarez Alleges

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.     

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.