FTX has entered into a 19-year $ 19 million partnership with Miami-Dade County to name the flagship FTX Arena in the Miami Heat.
The exchange of cryptocurrency derivatives, supported by Alameda Research, is set to become the first player in the crypto industry to secure NBA naming rights, pending approval by the Miami-Dade County Board of Commissioners on March 26.
The agreement represents an important major partnership for the cryptocurrency platform that will bring FTX to the Miami Heat through 2040. In a press release from Miami-Dade County on March 23, Sam Bankman Freed, CEO of FTX, noted:
“This opportunity is more than just putting our name on an iconic building. This is an opportunity to take advantage of the growing and diverse community in Miami and surrounding cities, as well as to join the tournament community, tournament organization and tournament culture. ”
Miami-Dade County will receive $ 90 million from the deal, after deducting expenses and payments to the Miami Heat, according to the Miami Herald, with the money being shared between 13 county commissioners to fight gun violence and poverty.
The law allocates “20% of each county’s income equal to payments to programs and organizations that either combat gun violence or promote economic prosperity,” and the remaining 80% is allocated based on each county’s share of “county homicides and shootings.” …
If the agreement is approved, there will be another important partnership guaranteed by FTX, as the cryptocurrency exchange has actively expanded its presence in the market since its launch in 2019.
In August 2020, the cryptocurrency exchange bought Blockfolio for $ 150 million, a digital asset portfolio tracker with a strong user base of $ 6 million. Twitter user “Litocoen.eth” summed up the sentiment of many and said the deal was “the smartest cryptocurrency acquisition ever.”
Oslo Børs has listed a number of larger coded shares to appeal to the broader market. In December, they listed five shares associated with cannabis companies, as well as suppliers offering Airbnb and pre-IPO derivative contracts.
Following reports of disagreements over private investors from r / Wallstreetbets and the trading platform Robinhood, the stock exchange listed the r / Wallstreetbets index for several assets such as Doge, AMC Entertainment (AMC) and GameStop (GME).