Yesterday, the Miami HEAT NBA confirmed that it had signed a long-term deal with FTX crypto exchange created by Sam Bankman and Gary Wan in 2019. Earlier, both parties had sealed a deal to change the home’s name to FTX Arena. Based on the new partnership agreement, FTX is now the “official and exclusive crypto exchange partner of the Miami Heat.” Apart from naming the stadium after FTX, the crypto exchange will also participate in competitions and publicity events and connect to the HEAT’s digital content. According to the FTX Chief Executive Officer Bankman Fried, the firm intended to form a long-term partnership with a city and a franchise that are vibrant, creative, diverse, and goal-oriented.
Crypto and block chain companies to relocate to the Magic City
Francis Suarez, the Miami Mayor, has concluded the plans for crypto and blockchain firms to move to the Magic City. Earlier this year, he told the Gemini co-founders Tyler and Cameron Winklevoss that he was on track to achieve its aim of making Miami “the best crypto city worldwide.” However, apart from Suarez, the HEAT extended its appreciation to all board members of the county commissioners, including Daniella Cava, the Miami Dade County Mayor, for ensuring the successful implementation of the plan. The county is the owner of the Heat Arena.
Late last month, the Miami commissioners ratified the $135 million partnership to meet the legal requirements. FTX remains a leading crypto derivatives exchange globally, despite being founded two years ago. The exchange has recorded over $14 billion in trading volumes in the past 24 hours, as reported by CoinMarket Cap.
In a press statement released yesterday, the Miami HEAT says it is pleased to announce its partnership with FTX, a crypto exchange it described as a young and vibrant firm that has grown at a fast speed in the emerging sector of the fintech industry. It added that the “Miami HEAT is glad to welcome FTX with open arms.” The HEAT’s president, Eric Woolworth said that the partnership was a landmark and a pacesetter in the crypto industry that will attract the attention of stakeholders across the world.
Miami Heat president relishes partnership
The president also acknowledged the leadership role played by Daniella Levine, the Miami Dade County Mayor, and Maya Cava, and other County Commissioners for working tirelessly to ensure the successful completion of the deal. The statement noted that fintech and digital finance have been growing rapidly.
Consequently, Miami Heat has decided to work together with FTX to meet the contemporary needs of its stakeholders. “In terms of qualifications, the union between Miami Heat and FX is unrivaled.” It concludes that Miami remains among the top cities not only in America but the world in general. “We are prepared to be part of the brighter future,” it says.
“By partnering with the HEAT, ” the vice president continued, “FTX has entrenched itself on the world sports terrain.” He promised to link FTX with Miami in an exciting and valuable way for decades. He also expressed the HEAT’s eagerness to kick off the implementation and grow the FTX brand.