FTX in Talks for Naming Rights to NBA Team Stadium

Share Article
In Brief
  • The FTX Exchange is in negotiations over naming rights to the home stadium of the Maimi Heat.

  • Social media accounts for FTX Arena are already created.

  • However, the FTX is not currently operating in the U.S.

  • promo

    Free Cloud Mining Providers to Mine Bitcoin in 2021

The Trust Project is an international consortium of news organizations building standards of transparency.

FTX is looking to claim the naming-rights to the stadium of the popular NBA team the Miami Heat. The move will see the first major sponsorship deal between a sports team and a cryptocurrency exchange.

Sponsored



Sponsored

Popular cryptocurrency platform FTX.com has its eyes set on making its foray into sports, and the United States. The exchange, after massive growth, plans to replace the Miami Heat’s previous naming-rights sponsor, American Airlines. If this happens, the Miami stadium becomes the first NBA venue tied to cryptocurrencies. 

The Miami Herald thinks the move is likely. Several sources confirmed the news. Furthermore, someone recently acquired the domain ftxarena.com and created FTX Arena accounts on Twitter, Instagram and Facebook. 

Sponsored



Sponsored

The news surprised very few observers. Miami Mayor Francis Suarez recently announced plans to implement Bitcoin as a payment method. Residents would be able to receive their salaries in Bitcoin as well as pay fees and taxes in the cryptocurrency.   

FTX Expansion Continues

The FTX grew phenomenally of late. The company recently purchased popular cryptocurrency tracking platform Blockfolio for an estimated $150 million. The purchase puts the FTX on the map with one of the largest acquisitions of the year. The FTX expects to push retail investor adoption while synergizing portfolio tracking with a trading platform. 

FTX continues surging in popularity and now ranks 11th on CoinGecko. It currently handles $720 million in trading volume daily, with over 225 coins. 

Sports Driving Crypto Adoption

Sports features greatly in the cryptocurrency industry these days. Recently, Chiliz (CHZ) announced a $50 million expansion into North America following huge success in Europe. Chiliz created several NFTs for popular sports teams such as Barcelona and Juventus. Likewise, sponsoring the naming rights for the Miami Heat Area would be a huge move in pushing cryptocurrency adoption. 

The deal carries a sense of irony as well. The FTX cannot operate in or provide trading services to United States citizens. American regulations forbid it. However, the NBA carries a cache world-wide. In this sense, the arena naming could still pay off. The FTX might see it as helping to spread adoption to other basketball-loving countries in Asia and Europe. 

The deal remains unconfirmed, and regulators still need to approve it. However, it seems that the sponsorship is likely to go through. This sponsorship will further spread cryptocurrency adoption by advertising its cryptocurrency trading. All-in-all, the cryptocurrency industry benefits from the move.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Related topics

Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

Follow Author

Crypto predictions with the Best Telegram Signal with +70% accuracy!

Join now

Free Cloud Mining Providers to Mine Bitcoin in 2021

Go

How To Mine Cryptocurrency: Beginner’s Guide

Let's Go