Sam Bankman-Fried’s FTX considers purchasing the Miami Heat Arena naming rights and this will mark crypto first among the sports leagues of America so let’s read more in our latest cryptocurrency news.
According to a report from a day ago, the crypto exchange FTX prepares to make a deal to sponsor the home of the National Basketball Association team the Miami Heat which will grant the exchange exclusive naming rights for the arena:
“Miami-Dade County is getting closer to signing a cryptocurrency company to replace American Airlines as the naming-rights sponsor of the Miami Heat’s downtown arena, according to several sources — a deal that would deliver the NBA its first venue tied to bitcoin and other electronic currencies.”
The Miami Herald noted that the exchange is preparing for the move with the registration of the FTXArena.com internet domain as well as buying the FTX arena social media handles. The reports from 2019 show that the county was looking for a new sponsor and hoped for the new name of the arena in 2020. American Airlines paid $2 million in the past to sponsor the arena. The move is a part of the larger strategy aimed at popularizing crypto and DeFi from SBF businesses and investments.
In this case, the move to the popular arena’s naming rights could be a product of the co-founder of Blockoflio Edward Moncada whose profile made a note on the interest in how crypto intersects with various elements of popular culture like sports. Speaking of Bankman-Fried’s exchange, FTX is a crypto derivatives exchange backed by Alameda Research which is a quantitative trading company and also a crypto liquidity provider. The exchange was launched in 2019 and offered the usual spot trading, futures contracts, inverse swaps which cannot be found on other platforms. By 2020, the exchange launched its daily and weekly binary BTC options markets. The FTX token is issued on the Ethereum blockchain and the stakers are granted a trading fee discount based on the tiered system and other benefits as well like the bonus votes in the polls and the rise in airdrop rewards.
The exchange ventured into tokenized equity trading so it is now available for US citizens. In December last year, FTX innovated again by launching pre-IPO futures contracts for AirBNB and Coinbase which allowed traders to speculate what price these companies will enter into the stock market.
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