News Exchange

FTX sponsors the Miami Heat, a well-known NBA franchise

The relationship between sports and cryptocurrencies continues

The world of sport is now a privileged interlocutor for the cryptographic sector. As evidenced by the news according to which even the Miami Heat have decided to hook up with financial innovation. They did so by adhering to the sponsorship proposal received from the exchange platform crypto FTX. As a result of which theexchange, which has become the official and exclusive partner of the well-known National Basketball Association (NBA) franchise, will not only be able to name the arena in which the Florida team plays, but also see its brand within it, give life to promotional initiatives and actively participate in digital content concerning him.

Miami Heat - FTX sponsors the Miami Heat, a well-known NBA franchise

FTX and Miami Heat: what are the terms of the agreement?

The counterparties did not feel it necessary to disclose the terms of the agreement. It did, however, the Miami Herald, according to which the Heat will receive $ 135 million in a 19-year collaboration. A news that was later confirmed by Sam Bankman-Fried on the stage ofEthereal Virtual Summit 2021 promoted by Decrypt.
However, the long duration of the agreement has prompted more than one observer to ask themselves a specific question: how does a company born just two years ago sign a 19-year commercial agreement, with the economic implications that all this entails?

Sam Bankman-Fried's answer

The answer came by return of post from the CEO of FTX. Who has practically stated that in just two years of activity, the exchange has had a financial result which allows him to be able to bear the weight of the 135 million dollars expected as payment during the 19 in which the agreement will be operational .
And not only those, considering how the exchange platform has in the meantime also signed another similar agreement. That is the one with Trevor Lawrence, first choice of the NFL draft (National Football League), which had as its object block Folio, the app for monitoring the prices of cryptocurrencies also owned by FTX.

Sam Bankman-Fried on the relationship between sport and financial innovation

Bankman-Fried also expressed his opinion on the increasingly close and profitable relationship between financial innovation and the world of sport. According to the CEO of FTX, the second would guarantee the first a very large space in which to leak some messages.
And in this reality, Miami Heat is one of the most palatable morsels for the crypto space. Not only for the wide availability they immediately demonstrated in front of the exchange platform's proposals, but also for the fact that they represent an area that has already stood out for its openings to cryptocurrencies.

Miami is increasingly open to digital assets

In fact, it should be emphasized that Miami has shown a considerable opening towards virtual assets over the last few months. In particular he was the first citizen, Francis Suarez, to create an extremely aggressive strategy in this sense, aimed at making the city a real Crypto City. And Suarez himself greeted with enthusiasm the agreement reached between Heat and FTX, which may in fact represent a further step in a strategy that seems destined to continue for a long time to come. And to ensure remarkable results, especially given the not-so-benevolent attitude towards the crypto space exhibited by other US cities. For example New York, where many companies in the sector have highlighted a strong unease in the face of institutional ostracism.

Buying Cryptocurrencies? Exchange Binance Binance

Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

Similar posts

Leave a comment

Your e-mail address won't be published. Required fields are marked *

Back to top button