Crypto derivative exchange FTX is set to win the naming rights to the home arena of NBA team Miami Heat for $135 million. This makes FTX the first-ever crypto business to win the rights to name a major U.S. professional sports venue.
The 19,000-capacity stadium was formerly known as the American Airlines Arena and will become the FTX Arena. Opened in 1999, the Miami Heat’s sports arena also hosts concerts and other events, drawing nearly two million visitors per year.
FTX came to an agreement in principle with Miami-Dade County for a 19-year partnership, for over $135 million, according to The Miami Herald. This means FTX shall keep the naming rights until 2040.
The report said: “If approved, the agreement would bring the NBA its first arena sponsor for the crypto industry, and inject FTX into the Miami sports vocabulary at a time when the city’s mayor is courting tech executives and embracing Bitcoin.”
With the agreement, FTX would further collaborate with the county to support technology and Fintech education, among other programs. The exchange has even committed an additional $5 million in contributions to the Miami-Dade community.
The Miami-Dade County Commission is meeting on March 26 for the final approval on the agreement.
Blockchain.com Raises $300M
“This opportunity is more than putting our name on an iconic building,” FTX CEO Sam Bankman-Fried told CryptoSlate. “It is a chance to provide value to the growing and diverse community in Miami and its surrounding cities, as well as join a championship community, a championship organization, and a championship culture.”
Alameda Research, also founded by Sam Bankman-Fried, recently participated in the new fundraising round of StarkWare Industries. StarkWare provides scaling solutions to overcome the limitations of Ethereum’s existing technology.
The Israeli-based startup announced the close of a $75 million funding round led by Paradigm. Previous investors, including Sequoia and Founders Fund participated in the round, alongside new investors like Three Arrows and Alameda Research.
In another funding news, crypto firm Blockchain.com raised $300 million in a mega fundraising round. The deal, led by DST Global, Lightspeed Venture Partners and VY Capital, values the company at $5.2 billion. It comes just one month after the firm raised $120 million at a $3 billion valuation.
Blockchain.com is one of the world’s largest cryptocurrency wallet providers. It has 31 million verified users across 200 countries and 70 million digital wallets. It has recently jumped into the trading business with its own crypto exchange.