Cryptocurrency derivatives exchange FTX formally converted the name of the Miami Heat’s arena to FTX Arena.
The switch comes after Miami-Dade commissioners approved the 19-year sponsorship deal for naming rights at the arena in March. The $135 million deal brings the NBA its first arena sponsor from the cryptocurrency industry.
In tandem with the county’s recent agreement with FTX, Miami Heat announced that it entered a long-term partnership with FTX.US. This makes FTX.US the official and exclusive cryptocurrency exchange partner of the Miami Heat.
Additionally, FTX has acquired the naming rights to esports organization TSM in a multi-year deal for $210 million. As part of the largest deal in esports history, TSM will be known as “TSM FTX”. It will also distribute crypto to its players and employees as well as purchasing $1 million worth of FTX’s native token $FTT.
Founded in 2009, TSM FTX fields players in League of Legends, Fortnite, Super Smash Bros and Tom Clancy’s Rainbow Six Siege, among others.
Solana Raises Up to $450M to Take On Ethereum
Leading Ethereum challenger Solana, the blockchain backed by FTX’s Sam Bankman-Fried, is raising between $300 million and $450 million.
The fresh capital will boost Solana’s ambition to promote an Ethereum alternative capable of faster transactions and higher scalability, as well as a go-to home for decentralized applications, or dapps.
Solana blockchain promises more scalability through a new consensus mechanism known as Proof of History. It is best known for powering decentralized exchange Serum, with a trading volume top $1.6 billion last month.
The Solana blockchain ecosystem has been growing fast, with a number of upstart DeFi and NFT projects —Dexlab, Mercurial Finance, Raydium, Only1, Solible, Atomic— launching on the blockchain.
In May, Solana raised $60 million to support projects in emerging markets in Brazil, Russia, India, and Ukraine. Last week, it announced a $20 million fund to further expansion in South Korea in partnership with ROK Capital.
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