Cryptocurrency exchange FTX has secured the naming rights to the home arena of NBA team Miami Heat for a reported $135 million.
- The Miami Herald reported Tuesday that the 19,000-capacity American Airlines Arena will become the FTX Arena.
- This is the first occurrence of a crypto business winning the naming rights to a major U.S. professional sports venue.
- FTX came to an agreement in principle with Miami-Dade County for a 19-year partnership, meaning the arena will bear the exchange's name until 2040.
- The agreement will go to the Miami-Dade County Board of County Commissioners for final approval at a special meeting on March 26.
- This is yet another sign of the increasing integration of the cryptocurrency industry into the mainstream, which has been gathering great speed this year.
- This year has also seen exchange Crypto.com secure a partnership with the Montreal Canadiens to have its logo brandished on the ice at its home arena, the Bell Centre.