The City of Miami is reportedly in the process of finalizing a deal with the FTX cryptocurrency exchange to sponsor the currently named AmericanAirlines Arena, home of the Miami Heat NBA franchise. If finalized, it would be the first major sports stadium to be named after a cryptocurrency business.

Since the beginning of the COVID-19 pandemic, the City of Miami has dedicated itself to becoming a technological innovation hub. The Mayor, Francis Suarez, intends to create a Bitcoin utopia — a city in which the industry can grow, evolve and achieve its maximum potential. Alongside this, the city wants to expand its pool of technology industry talent.

Miami Is Positioning Itself To Tackle The Issues Of Today Using Bitcoin

The novel coronavirus pandemic brought major change to the face of the tech industry — remote work has altered the ways that nearly every technology company operates. With this, many have been relocating from previous tech hubs like Silicon Valley and New York City, to new territories previously undescribed in conversations about tech-oriented cities.

This is where the City of Miami sees great opportunity — by jumping on the sudden influx of talent and a wave of interest in Bitcoin, Mayor Suarez is accelerating the exodus from the traditional, into a world rife with opportunities.

“It’s part of a larger play if you will to position Miami as one of the most tech-forward cities in the country,” Mayor Suarez told Reuters in a phone interview in January.

At the center of this is the new potential sponsorship of AmericanAirlines Arena by FTX. According to The New York Times, Miami-Dade County handles branding deals for the arena and is obligated to pay the Miami Heat $2 million per year, whether or not there is a sponsor of the stadium. The FTX agreement, which would likely cover this $2 million price tag or more, is “nearly final, pending a Friday vote by county commissioners” and would bring widespread recognition to the region as a Bitcoin hub, and would complement the goals of the mayor and city. In addition, a high-profile deal such as this may serve as a catalyst for further indirect marketing for Bitcoin, as other industry entities follow suit.

In addition, the city has committed to hosting the Bitcoin 2021 conference, the largest Bitcoin-only conference in the world. This will be major advertising for the city as a welcoming center of Bitcoin technology, as figures in the space from across the world converge on the city to discuss the industry.

The conference will take place from June 3 and 4 and tickets are available now.

Disclaimer: BTC Inc is the event organizer of Bitcoin 2021 as well as the parent company of Bitcoin Magazine.