bitcoin treasury, Cryptocurrencies, FTX CEO, FTX Exchange, Mayor Francis Suarez, Miami Heat, pro bitcoin, Sam Bankman-Fried, U.S. President Joe Biden

Samuel Bankman-Fried’s FTX crypto exchange is reportedly one vote away from winning a naming-rights deal for the arena of the NBA’s Miami Heat. The deal, which is believed to be worth $135 million, is set to be approved on March 26 by the Miami-Dade County Commission.

Miami-Dade to Get $5 Million a Year

According to a report, as part of this agreement, the venue, which has been known as the “American Airlines Arena†for two decades, will be renamed the “FTX Arena.†In return, Miami-Dade, which controls the naming rights for the building, will receive “an undisclosed amount of yearly payments from FTX.â€

bitcoin treasury, Cryptocurrencies, FTX CEO, FTX Exchange, Mayor Francis Suarez, Miami Heat, pro bitcoin, Sam Bankman-Fried, U.S. President Joe Biden

However, as part of the deal, Miami-Dade is expected to “pay the (Miami) Heat $2 million a year under an option the county exercised in 2018 to find the arena’s next sponsor.†While officials have not yet disclosed the net revenue to accrue to Miami-Dade, journalist Joe Pompliano tweeted the city will realize a net gain of $5 million from the deal.

FTX Going Mainstream

Meanwhile, the report also explains that this deal would present the exchange with the opportunity to showcase cryptocurrencies to a mainstream audience. The report said:

bitcoin treasury, Cryptocurrencies, FTX CEO, FTX Exchange, Mayor Francis Suarez, Miami Heat, pro bitcoin, Sam Bankman-Fried, U.S. President Joe Biden

In early February of 2021, Bitcoin.com’s newsdesk reported that Miami city commissioners had voted to support mayor Francis Suarez’s proposal that enabled the city to hold bitcoin in the treasury. The commissioners similarly endorsed the proposal for the city to accept the payments of taxes and salaries in crypto form.

When approved, FTX’s deal with Miami-Dade will represent another significant milestone for the pro-bitcoin mayor.

On the other hand, the Miami-Dade and FTX deal will represent yet another mainstream foray by Bankman-Fried. Before revelations of FTX’s agreement with Miami-Dade, the 29-year-old billionaire had emerged as the second biggest donor to U.S. President Joe Biden’s election campaign.

What are your thoughts on FTX’s imminent sponsorship deal with Miami-Dade? You can tell us what you think in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

RELATED NEWS

South African Crypto Platform Revix Raises $4.1 Million

The South African cryptocurrency investment platform, Revix, has reportedly raised about $4.1 million from its latest capital raise round. According to the firm, part of the raised capital will be used “to launch Revix’s mobile application, a variety of Fourth Industrial Revolution (4IR) investment opportunities.†Furthermore, Revix says it also plans to use part of […]

Xem chi tiết: South African Crypto Platform Revix Raises $4.1 Million

Morgan Stanley Says Central Bank Digital Currencies Not a Threat to Cryptocurrencies

Major investment bank Morgan Stanley believes that central bank digital currencies are not a threat to the existence of cryptocurrencies. The bank believes that both types of digital currencies can coexist because they serve different purposes and have different appeals. Cryptocurrencies and CBDCs Can Coexist Morgan Stanley’s analysts, including chief economist Chetan Ahya, discussed the […]

Xem chi tiết: Morgan Stanley Says Central Bank Digital Currencies Not a Threat to Cryptocurrencies

Crypto Exchange Luno Says South Africa’s Crypto Trading Dominated by Young People

Luno, one of Africa’s pioneering crypto exchanges, has revealed that South Africa’s cryptocurrency trading is largely dominated by young people with those under the age of 29 accounting for 40% of transactions. The exchange, which claims to have added nearly a million new South African customers in 2020, also reveals that “around 65% of Luno’s […]

Xem chi tiết: Crypto Exchange Luno Says South Africa’s Crypto Trading Dominated by Young People

Miami-Dade Officials Hope to Launch a Crypto Task Force, Residents Could Pay Taxes in Bitcoin Soon

Back in mid-February, Bitcoin.com News reported on Miami’s Mayor Francis Suarez supporting the idea of the city holding bitcoin in the treasury and allowing tax payments in bitcoin as well. On April 15, 2021, reports show that the city may introduce the tax payments concept soon, as the District 8 county commissioner Danielle Cohen Higgins […]

Xem chi tiết: Miami-Dade Officials Hope to Launch a Crypto Task Force, Residents Could Pay Taxes in Bitcoin Soon

How African Users Can Buy and Trade Bitcoin Cash Without Facing KYC or Geoblocking Hurdles

Africa remains the home to a large proportion of the world’s population that is unbanked according to a 2017 World Bank Global Index survey. Many of those who are unbanked cite their lack of official identification particulars as one of the main reasons for their predicament. Cryptos Narrowing Financial Exclusion Gap Therefore, in their effort […]

Xem chi tiết: How African Users Can Buy and Trade Bitcoin Cash Without Facing KYC or Geoblocking Hurdles

TIME Magazine Gets Into Bitcoin: Partners With Grayscale, Will Hold BTC on Balance Sheet

TIME Magazine will be holding bitcoin on its balance sheet, the company’s president has confirmed. TIME is also partnering with Grayscale Investments to produce a video series on cryptocurrency and has agreed to be paid in bitcoin. TIME Magazine Will Hold Bitcoin on Balance Sheet TIME Magazine has partnered with Grayscale Investments to produce a […]

Xem chi tiết: TIME Magazine Gets Into Bitcoin: Partners With Grayscale, Will Hold BTC on Balance Sheet

Spanish Tax Authority Issues 14,800 Warning Letters to Cryptocurrency Holders

Spanish authorities are enforcing their tough stance on the cryptocurrency industry, and the national tax agency seems to be taking it very seriously. Now, the Hacienda issued 14,800 warning letters to Spaniards under their watch for allegedly having failed or need to declare crypto holdings. Fines Could Be ‘Over $5,900’ if a Crypto Holder Fails […]

Xem chi tiết: Spanish Tax Authority Issues 14,800 Warning Letters to Cryptocurrency Holders

Microstrategy Will Now Pay Board of Directors in Bitcoin as Treasury Grows to Nearly 100K BTC

Nasdaq-listed Microstrategy, which has amassed nearly 100K bitcoins in its treasury, has modified its compensation agreements for the board of directors. The company will now pay non-employee directors in bitcoin, citing its commitment to the cryptocurrency “given its ability to serve as a store of value, supported by a robust and public open-source architecture, untethered […]

Xem chi tiết: Microstrategy Will Now Pay Board of Directors in Bitcoin as Treasury Grows to Nearly 100K BTC

World’s Wealthiest Annual Ranking Now Lists 12 Crypto Billionaires

Wildly Popular Live Casino Games from Evolution Now Available on Bitcoin.com’s Gaming Portal

JPMorgan Boss Says ‘Emerging Issues’ Like Cryptocurrencies ‘Need to Be Dealt With Quickly’

Wildly Popular Live Casino Games from Evolution Now Available on Bitcoin.com’s Gaming Portal

Another Hedge Fund Gets Crypto Exposure via Grayscale’s GBTC

JPMorgan Boss Says ‘Emerging Issues’ Like Cryptocurrencies ‘Need to Be Dealt With Quickly’

Employment Search Websites Show a Vast Amount of Jobs in the Bitcoin and Blockchain Industry

Hong Kong Security Crackdown Leads to Record Capital Outflows— Residents Reportedly Used Cryptocurrencies to Move Funds