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 secure a partnership with the Montreal Canadiens to have its logo brandished on the ice at its home arena, the Bell Centre.
American Airlines Arena, home of the Miami Heat NBA team.
(felixmizioznikov/iStock/Getty Images Plus)

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