The deal will be the first of its kind, further propelling bitcoin and cryptocurrencies into the mainstream
FTX crypto exchange, which is headed by Samuel Bankman-Fried, is said to be one vote away from winning it's bid to acquire the naming rights for the Miami Heat's arena.
The deal is set to be worth $135million and is said to be approved by the Miami-Dade County Commission by March 26th.
The report states that the agreement includes yearly payments from FTX to Miami-Dade. Miami-Dade control the naming rights for the buildings.
Previously, the Miami Heat's arena was named as the "American Airlines Arena" for the past twenty years but it is expected to change if FTX acquire the last remaining vote.
Regarding the deal, Joe Pompliano, founder of Huddle Up, tweeted:
Additionally, the Miami-Dade is also expected to pay an annual sum of $2million to the Miami Heat due to "an option the county exercised in 2018 to find the arena's next sponsor."
Joe Pompliano added that, although there isn't an amount that has been disclosed regarding net revenue for Miami-Dade to receive payments over time, it is expected that the city will look to gain $5million from the naming rights deal.
The deal will also be able to promote and showcase cryptocurrencies to a mainstream audience while it will also be the first ever deal involving the crypto industry in an arena sponsor.
This move aligns with the Miami mayor's vision for big companies and tech executives to embrace cryptocurrencies.
The deal between Miami-Dade and FTX will also represent another major milestone for FTX's CEO, Bankman-Fried. The young billionaire was revealed to be the second biggest donor to Joe Biden's election campaign.
About AIBC Dubai:
AIBC UAE will take place on the 25th to 26th May, 2021, in the emirate of Dubai. The event will bring together key brands and individuals from the converging sectors of AI, blockchain, IoT, Quantum Tech to discuss and shape the future of emerging tech.
It is one of the leading events globally for blockchain, AI, crypto, and other emerging technologies, and gathers together an elite selection of delegates, policymakers and thought leaders from across the globe. Such international recognition has helped propel AIBC Summit become a favourite on the world circuit for emerging tech conferences and expos.