FTX, a crypto company, recently entered into a $135 million deal to rename the Miami Heat’s NBA Arena FTX Arena until 2040. That was quite bold for a company that is less than three years old. During the opening game at the arena against the Milwaukee Bucks, fans were in for a surprise.
Each fan who visited the arena for the opening game received a free t-shirt from FTX, which is a regulated crypto company in the US. However, these were not just any shirts. Each shirt had a QR code on the back. If a seated fan scanned it, they unlocked a limited edition FTX Arena NFT gift. According to a tweet by FTX, every seated attendee at the game would receive a “You In, Miami?” T-shirt.
Besides that, those seated in a special sector of the game were given $500 in free cryptocurrency. This was later confirmed when FTX retweeted a Tweet by Pompliano, a well-known figure in the crypto sector. It was revealed that FTX had signed a $135 million deal with Miami-Dade County to rename the Miami Heat NBA arena to FTX Arena until 2040. For such a young company, that was quite a deal.
FTX just gave $500 in crypto to every person sitting in one section of the arena for the Miami Heat season opener.
Don’t sleep on how powerful this sponsorship will be. pic.twitter.com/Hs15yIFcaB
— Pomp (@APompliano) October 22, 2021
Why This Matters
Sports arenas are one of the common meeting points for people from different segments of society. Whether watching at home or the arena, the FTX branding will no doubt reach millions of people. While the $135 million sponsorship deal might seem a bit much, it could pay off in a big way. Cryptocurrency trading is still in its infancy and there is room for continued growth.
By providing customers with an option to try crypto trading while they watch their favorite sport, it could reach millions who have not heard of digital assets before. For the cryptocurrency world, this is a great move that could have a far-reaching impact when it comes to improving adoption.
FTX is a regulated cryptocurrency derivatives exchange that also offers traders access to leveraged products. It was launched in 2018 by Sam Bankman-Fried, an MIT Graduate and former Jane Street Capital international ETF trader. The platform offers traders access to a wide range of products that include derivatives, options, leveraged tokens, and volatility products. Traders also have access to spot markets in over 100 different trading pairs such as ETH/USDT, XRP/USDT, and BTC/USDT.
Its platform can be accessed via its desktop portal or mobile apps for iOS and Android devices. FTX is designed as a crypto trading platform for beginners and seasoned traders. There are numerous order types supported on this platform. It offers traders competitive fees that range from 0.07% to 0.04% depending on the trading instrument. FTX also supports a wide range of currencies such as EUR, USD, AUD, GBP, CAD, and CHF.
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