NBA team Miami HEAT has recently closed a long-term partnership deal with FTX US, the US-regulated division of FTX.com cryptocurrency exchange.
Following the partnership, Miami HEAT arena will be renamed to “FTX Arena,” when the 2021/2022 NBA season begins. The platform will also have other privileges like prominent in-arena signage, hospitality, association with HEAT digital content series, promotions, contests, community engagements, etc.
According to Eric Woolworths, President of The HEAT Group’s Business Operations, their industry has never participated in this kind of partnership as this is the first-of-its-kind that will attract recognition from all over the world as the team is also pleased with the new deal.
Miami HEAT acknowledged the support and help of individuals like Miami Dade and County Mayor Daniella Levine Cava, as well as her Chief Operations Officer Jimmy Morales, and the Board of County Commissioners.
FTX is a cryptocurrency derivatives exchange founded in 2018 but launched in May 2019 by Sam Bankman-Fried who was once a trader on Jane Street Capital’s international ETF desk, and Gary Wang who worked as a Google software engineer. Both founders currently serve as the company’s CEO and CTO respectively.
The exchange, which is aimed at providing a range of products and services for both retail and institutional traders, offers users access to Bitcoin options, over 45 leveraged tokens, 20 perpetual swaps, MOVE contracts, and prediction markets.
Commenting on the partnership, John Vidalin, Executive Vice President & Chief Commercial Officer of Miami HEAT said, “By partnering with the HEAT, FTX.us has planted their flag both on the global sports landscape and here in Miami, which will connect them to this community in a meaningful and impactful way for many years to come…We can’t wait to get started helping them grow their business and their brand.”
Meanwhile, NBA team Sacramento Kings announced earlier this week that its players can now choose to receive any percentage of their salary in bitcoin.
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Author: Abigail Michelle