Crypto exchange FTX wants to buy naming rights to Miami Heat stadium

Crypto exchange FTX wants to buy naming rights to Miami Heat stadium

Innovative crypto entrepreneurs Sam Bankman-Fried and Edward Moncada want to make cryptocurrencies increasingly mainstream.

As reported by the Miami Herald yesterday, crypto exchange FTX is currently negotiating a sponsorship deal with the American basketball league NBA to acquire the naming rights to the Miami Heat’s stadium.

„As confirmed by multiple sources, the city of Miami is close to finalising a contract with a Bitcoin Aussie System crypto to buy out the naming rights to the Miami Heat’s arena. The deal would mark the first time an NBA stadium has been linked to bitcoin and cryptocurrencies,“ according to the local newspaper’s report.

The Herald also sees the alleged negotiations confirmed by the fact that „footprints on the internet“ indicate that FTX is planning a move to that effect. According to the report, the crypto company has registered the domain „ftxarena.com“ and has already set up associated social media accounts under the name FTXarena.

As reports from 2019 indicate, the city of Miami has been looking for a new sponsor for some time. The naming rights were supposed to change as early as 2020.

The airline American Airlines had previously paid US$2 million per year

The advertising deal seems to be part of a larger plan by Sam Bankman-Fried to establish cryptocurrencies and Decentralised Financial Services (DeFi) in the mainstream. The eccentric young entrepreneur is considered one of the figureheads of the crypto industry.

However, the idea to buy up the naming rights of a popular sports venue could have come from Blockfolio co-founder Edward Moncada. Already in Moncada’s profile in Cointelegraph’s ranking of the 100 most important people in crypto and blockchain, our editors had pointed out his penchant for combining pop culture and marketing:

„Moncada is now a key part of FTX’s marketing, with branding and mass communications being his area of expertise. Cointelegraph would therefore not be surprised if Moncada pushes for bigger projects to create widespread awareness for FTX and Blockfolio in the mainstream. He has spoken at length on many occasions about how there are synergies between the demographics of sports, music and crypto. Cointelegraph is excited to see how Moncada will take advantage of this in the future.“