Investment

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

According to yesterday’s Miami Herald report, the FTX cryptocurrency exchange is preparing to complete an agreement to sponsor the home team of the Miami Heat National Basketball Association – a move that will give the exchange exclusive rights to name 19,600 arenas.

“Miami-Dade County is close to signing a cryptocurrency company to replace American Airlines as a sponsor of the Miami Heat name rights arena, an agreement that would give the NBA its first place in bitcoins and other electronic currencies.” it is stated in the report.

The Herald also noted that the “internet crumbs” point to FTX’s preparation for the move, by registering the internet domain “ftxarena.com” and purchasing FTXarena social media.

Reports from 2019 suggest that the county was looking for a new sponsor and hoped to rename the arena by 2020. American Airlines had previously paid $ 2 million a year to sponsor the arena.

This step seems to be part of a larger strategy aimed at popularizing cryptocurrencies and DeFi from business and investment SBF.

In this case, the move to acquire the naming rights of the popular arena may be the result of blockfolio co-founder Edward Moncada. In the Cointelegraph Top 100 series, Moncady’s profile (reported at 17) noted his interest in how the crypto intersects with various elements of popular culture, including sports:

“Now that he’s an integral part of FTX marketing, and given Moncada’s passion for branding and mass communication, Cointelegraph wouldn’t be surprised to see major initiatives that would raise awareness of FTX and Blockfolio to a much wider, unnatural audience.” Moncada has occasionally commented extensively on the demographic synergies between sport, music and cryptography, and Cointelegraph will pay attention to whether there will be further reach in these sectors. “


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