FTX to secure naming rights for the Miami Heat arena

The cryptocurrency derivatives exchange FTX has reached an agreement with the Miami-Dade County authorities on a 19-year partnership to name the home arena of the local NBA team after itself.

According to the press release, the Board of County Commissioners will vote on the deal on March 26. If approved, the Miami Heat arena, which also hosts concerts, performances and other cultural events, will be named FTX Arena through 2040.

The renaming of the arena has been agreed with the club; currently the naming rights are held by American Airlines.

Under the 19-year partnership, the county will receive almost $90 million from the exchange.

FTX will also participate in the rollout of fintech and financial literacy programs in Miami-Dade and will additionally invest $5 million in its community.

Earlier, city authorities in Miami decided explore options for integrating Bitcoin into municipal infrastructure.

Mayor Francis Suárez did not rule out transferring 1% of the city budget to the first cryptocurrency.

Follow ForkLog news on Telegram: ForkLog Feed — the full news feed, ForkLog — the most important news and polls.