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In tandem with the recent announcement that, starting with the 2021-22 NBA season, the home of the Miami HEAT will be known as “FTX Arena”, the Miami Heat officially announced a long-term partnership with Cryptocurrency trading platform FTX on Wednesday. FTX will now also be the “official and exclusive cryptocurrency exchange partner of the Miami Heat.”
The deal was given final approval by the NBA on Wednesday.
Eric Woolworth, President of The HEAT Group’s Business Operations confirmed the deal and said:
“FTX.us is an exciting, young company in an emerging category of the financial services industry that continues to grow at lightning speed, and we are ecstatic to welcome them with open arms to the Magic City. This is a ground-breaking, first-of-its-kind partnership in our industry that will draw global attention.”
In the press release, FTX Chief Executive Officer Sam Bankman-Fried, stated:
“Internet technology and digital finance are evolving incredibly quickly. We wanted to partner with a city and a franchise that are dynamic, diverse, innovative and always forward-looking.”
“When it comes to those qualifications, Miami and the HEAT are second to none. One of America’s great cities and one of the world’s most iconic teams are poised for an even brighter future, and we’re thrilled to be a part of it.”
After the deal had gone public, Bankman-Fried appeared on Local 10 News and commented:
“The NBA has approved the deal. It’s a great team with a great history and so I think it also felt like just a really good fit for us.”
“One of the things that I’m excited for here is having the opportunity to introduce something new to a lot of people,” he added.
Two weeks ago, the $135 million deal for the naming rights of the stadium was approved by the Miami-Dade County Commission as the Arena is owned by the county. With the approval, the home of the Miami Heat will be known as “FTX Arena” for the coming 19 years.
The county announced that $90 million of the deal goes into county coffers. The funding will be used to fight gun violence and poverty.
Miami Mayor Francis Suarez recently announced that he intends to make Miami “the most crypto competitive city on the planet” and the city has already implemented cryptocurrency in its day-to-day operations.