Miami-Dade County finalized a partnership on Friday with FTX cryptocurrency exchange company to change the Miami Heat basketball arena to the FTX Arena. Previously known as the American Airlines Arena or the AAA Arena, it has undergone a new 19-year partnership settlement with the cryptocurrency exchange firm. Miami-Dade County to be Renamed as the FTX Arena The recent move of renaming the county was granted approval during a special meeting that was held by the Board of County Commissioners. Daniella Levina Cava, the Mayor of Miami-Dade County, released a statement during the event that read: “This is a historic investment for Miami-Dade – $90 million over 19 years that we will put to use to tackle some of our most pressing challenges and build a healthier, safer community.” In addition to this, Daniella Levina said: “We’re grateful to FTX for their investment in Miami-Dade and proud to bring this partnership home.” Keon Hardemon, the Commissioner of the county, said: “We face an epidemic of violence that is endangering too many families and neighbourhoods. I’m proud that we are seizing on this opportunity to invest resources directly in programs that will reduce gun violence and create pathways to prosperity for people all across Miami-Dade.” Details Regarding the Settlement The settlement calls for FTX to also get together with Miami-Dade County to support technical as well as Fintech education along with the financial wellness for residents. In addition to this, FTX also committed a supplementary $5 million in benefactions to the Miami-Dade community beyond the extent of the naming rights partnership over the course of the deal to aid Miami-Dade residents to thrive. Sam Bankman-Fried, the CEO of FTX, said: “The entire FTX family is thrilled to launch this partnership with Miami-Dade County and the Heat.” Adding to his statement, he said: “Through this partnership, FTX isn’t just putting our name on an iconic building, we are committed to providing value to the growing and diverse community in Miami-Dade over the next two decades.”
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