FTX Needs One More Vote To Acquire Naming Rights for Heat Arena in Miami

All that is required of the crypto trading platform, FTX, is just one more vote which will allow the trading platform to acquire naming rights for Heat Arena in Miami. Miami’s Mayor also supported the deal and gave his blessings to FTX.

It has been reported in the local news in the US that American Airlines Arena will be renamed. It has been told further that the new name for the arena is likely to be “FTX Arena” as part of a deal.

The deal for renaming the arena, whose name remained unchanged for 20 years, has been arrived at between Miami-Dade and FTX. While FTX is a known crypto trading platform but on the other hand, Miami-Dade is the controller of the building’s naming rights. As part of the deal, it has been told that FTX will be paying a certain amount of money on yearly basis to Miami-Dade. However, the amount has not been disclosed publicly and in fact, kept confidential under the terms and conditions of the agreement.

But as regards the conditions to be met by Miami-Dade, it has to pay US$ 2 Million to Miami Heat. This condition was part of the agreement entered into between Miami Heat and Miami-Dade in 2018. The purpose of the agreement was to bring forward a new sponsor for the football team which is part of the famous NBA.

According to a journalist named Joe Pompliano, the deal will enable Miami-Dade to earn a handsome amount of monies in the shape of revenue. He has estimated that approximately US$ 5 Million will be acquired by the city as a net gain.

On the other hand, there is also a load of benefits for FTX for which purpose it has entered into the deal. Through the deal, FTX will be able to go mainstream and present cryptocurrencies to a much greater audience. It was reported that if FTX has been able to acquire the naming rights then a new chapter will be opened. Earlier there was no sponsor who was part of the crypto industry. FTX would become the first-ever entrant in the football arena from the crypto industry.

The city’s mayor also appreciated that it would be great to have someone from a totally new perspective. He said that his city is always open to technology and innovation and the whole city is glad to facilitate FTX in its pursuits.

Meanwhile, Miami’s Mayor, Francis Suarez, is known to be a crypto-friendly. Earlier in the month of February, the Commissions of Miami also voted in his favor with regard to his proposal relating to Bitcoin. The Mayor wanted that his city should be allowed to purchase Bitcoins and keep them in the city’s treasury. Similarly, he also earned support from the Commissioners in the initiative of receiving tax payments on the basis of crypto.