1. The Miami Heat NBA team recently annulled its partnership with the cryptocurrency exchange FTX.
2. This partnership was officially ended by a federal bankruptcy judge who ruled that Miami Heat was allowed to remove FTX’s initials from its facility.
3. This agreement was worth a whopping $135 million.
The Miami Heat basketball team recently announced that they are cutting all ties with the cryptocurrency exchange FTX. This decision was made when a federal bankruptcy judge ruled that the team was allowed to remove the FTX logo from its arena.
The partnership between Miami Heat and FTX began back in March 2021 when the two sides inked a $135 million agreement. This agreement was the first of its kind between an NBA team and a cryptocurrency exchange. The FTX branding was displayed prominently on the Heat’s home court and this was seen as a major step in the mainstream adoption of cryptocurrency.
However, the partnership between the two sides was short-lived as the Miami Heat quickly began stripping the FTX logo from its arena shortly after hearing the court order. The reason for this was that the Miami-Dade County, the territorial division where the NBA team is based, had filed for bankruptcy. This meant that the agreement between the two sides was no longer valid.
The Miami Heat is one of the most successful teams in the NBA and the termination of their partnership with FTX is a major setback for the cryptocurrency exchange. This partnership was seen as a major step towards the mainstream adoption of cryptocurrency and its cancellation is sure to be a major disappointment for the crypto industry.
Despite this setback, the cryptocurrency industry is still pushing forward with its efforts to be accepted by the mainstream. There are still many other major companies that are partnering with cryptocurrency exchanges and this is a sign that the industry is still growing.
The Miami Heat’s decision to terminate its partnership with FTX is a major setback for the cryptocurrency exchange. However, it is also a sign that the industry is still growing and that there are still many other companies that are partnering with exchanges. With this in mind, the future of the crypto industry looks bright and it is only a matter of time before it is fully accepted by the mainstream.