Miami-Dade County Ends Partnership With Crypto Company amidst Financial Woes.

Miami-Dade, considered one of the U.S. most populous counties and residential to the NBA team Miami Heat, has successfully annulled its partnership with FTX following the corporate’s collapse in November. 

In line with a report by the Miami Herald, a federal judge ruled that the naming rights agreement between each parties on the FTX Arena be terminated immediately. In June 2021, the 2 sides signed a 19-year deal value $135 million for FTX to develop into the naming-rights partner of the playing ground of the three-time NBA champions, Miami Heat. 

Nonetheless, following the alarming revelations on the funds of FTX and the criminal fraud allegations levied against its CEO Sam Bankman-Fried back in November, Miami-Dade immediately took legal motion requesting to sever their business relationship with the now-bankrupt company.

On Wednesday, January 11, the request was finally approved, leading to the immediate removal of any representation of the FTX brand from the Heat’s home arena.

In line with a joint statement by the Miami-Dade leadership and the Heat basketball team, efforts are aggressively underway to seek out one other naming partner for the sector as soon as possible. Within the meantime, the bottom can be known as the Miami-Dade Arena.

FTX Loses Yet One other Partnership

The termination of FTX’s sponsorship take care of Miami Dade is just the most recent to hit the headlines following November’s spectacular collapse of the $32 billion crypto empire.

On November 11, the Mercedes AMG Petronas F1 team announced the suspension of its partnership with the crypto exchange. Although the Formula 1 team had initially displayed some type of support for the embattled crypto firm, it made a reversal on its position, halting their partnership and removing FTX’s brand name from its race cars and other related assets. 

It is predicted that the approaching months can be crammed with similar events because the FTX crisis continues to be removed from a resolution. Late last 12 months, the once-mighty crypto firm filed a motion requesting the immediate termination of over 20 marketing deals, including the now-defunct naming rights agreement of the FTX Arena.

Other popular deals on the list included a sponsorship take care of the reigning NBA champions Golden State Warriors and an ambassadorship take care of Brazilian fashion icon Gisele Bündchen. 

How The Crypto Market Is Faring After FTX’s Collapse

Following the crash of the FTX exchange last 12 months, the crypto market took heavy losses, culminating in a price of over $180 billion. Nonetheless, there was a gradual market recovery in the previous couple of weeks.

Just yesterday, the market leader and premier cryptocurrency, Bitcoin, traded above $20,000 for the primary time after FTX’s collapse. Although this doesn’t necessarily mean the storm is over, it might be interpreted as an indication of a future price rally in the approaching months. 

Within the last 24 hours, Bitcoin has gained by 11%, attaining a price of $20,871.72, in accordance with data by CoinMarketCap. Its 24-hour trading volume is $40,609,971,140, while its total market cap is valued at $401,860,462,376. 

BTC trading at $20,886 | Source: BTCUSD Chart on Tradingview.com.

-Featured Image: Miami Herald, Chart from Tradingview.com

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