FTX to acquire rights to NBA’s Miami Heat arena

The crypto derivatives exchange FTX has reached an agreement with Miami-Dade County authorities on a 19-year partnership to name the home arena of the local NBA basketball club by its name.

The County Council of Commissioners will vote on the deal on March 26, according to a press release . If approved, the Miami Heat stadium, which also hosts concerts, performances and other cultural events, will be renamed FTX Arena until 2040.

The renaming of the arena has been agreed with the club; now American Airlines owns the rights to the name.

Within the framework of the partnership, the district will receive almost $ 90 million from the exchange in 19 years.

FTX will also participate in financial technology and literacy education programs in Miami-Dade and will invest an additional $ 5 million in its community.

We will remind, the authorities of the administrative center of the district, the city of Miami, decided to explore options for integrating bitcoin into the municipal infrastructure.

Miami Mayor Francis Suarez did not rule out the transfer of 1% of the city budget to the first cryptocurrency.

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