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Sam Bankman-Fried’s FTX to purchase Miami Heat arena naming rights

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In accordance to a report yesterday from the Miami Herald, cryptocurrency trade FTX is getting ready to finalize a deal to sponsor the house of Nationwide Basketball Affiliation crew the Miami Heat — a transfer that may grant the trade unique naming rights for the 19,600 arena. 

“Miami-Dade County is getting closer to signing a cryptocurrency company to replace American Airlines as the naming-rights sponsor of the Miami Heat’s downtown arena, according to several sources — a deal that would deliver the NBA its first venue tied to bitcoin and other electronic currencies,” reads the report.

The Herald additionally famous that “Internet breadcrumbs” level to FTX getting ready for the transfer, with the registration of the “ftxarena.com” Web area, in addition to buying FTXarena social media handles.

Reviews from 2019 point out that the county was out there for a brand new sponsor, and hoped to rename the arena by 2020. American Airways beforehand paid $2 million a 12 months to sponsor the arena.

The transfer appears to be part of a bigger technique aimed toward popularizing cryptocurrencies and DeFi from SBF companies and investments.

On this case, the transfer to purchase a well-liked arena’s naming rights could be the product of Blockfolio co-founder Edward Moncada. In Cointelegraph’s High 100 collection, Moncada’s profile (he clocked in at #17) made notice of his curiosity in how crypto intersects with varied components of common tradition, together with sports activities:

“Now that he’s integral to marketing at FTX, and given Moncada’s passion for branding and mass communication, Cointelegraph would not be surprised to see major initiatives to bring awareness of both FTX and Blockfolio to a much wider, non-crypto-native audience. Moncada has commented extensively on demographic synergies between sports, music and crypto on occasion, and Cointelegraph will pay attention to see if there is further outreach in these sectors.”

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