After buying Heat arena’s name, crypto exchange FTX will open a Miami office
FTX, the cryptocurrency exchange that just purchased the naming rights to the Miami Heat’s arena in a 19-year, $135 million deal, is opening a Miami office.
In an interview with the Miami Herald, FTX founder and CEO Sam Bankman-Fried said the company has begun scouting for office space; he did not specify exactly how many employees or local hiring plans.
The announcement makes FTX the third crypto exchange to announce a Miami presence in the past week. Amid the world’s largest crypto convention at Mana Wynwood, London-based Blockchain.com and Israel-based eToro announced they would be opening Miami offices.
Bankman-Fried noted that Bitcoin is the first widespread currency to exist solely in a digital format, and one without requiring a third-party intermediary. While it may be simple to send a friend money on existing payment apps, Bitcoin makes current ways of sending international wire transfers effectively obsolete, he said.
“[Bitcoin] is something all of tech is going to have to reckon with,” Bankman-Fried said.
FTX also announced it would be contributing $250,000 to Miami-Dade Mayor Daniella Levine Cava’s Peace and Prosperity Plan. On Tuesday, county commissioners approved $7.8 million toward the effort to address underlying causes of gun violence and poverty. Of that, $150,000 of FTX’s donation will go directly to the county’s Fit2Lead Youth Enrichment and Sports Program for youth ages 7 to 14.
The remaining $100,000 will go to study the efficacy of these and other local social programs. Bankman-Fried has previously said he is interested in “effective altruism” and that FTX donates 1% of its revenues to charity.
In the Herald interview, Bankman-Fried said he had no agenda with his donations besides creating the biggest impact.
“We’re super receptive to all the ideas the city and county are putting forward,” he said. “The goal is to help the city thrive.”
Bankman-Fried praised local leadership for ushering in a new tech era into the city.
“A lot of people were looking for a new place to be, and I think there was an opening for a new tech center in the States,” he said. “[City leaders] decided they were going to charge forward and try to establish Miami as a tech hub, and the message was heard.”
The official name-change ceremony at the arena formerly known as AmericanAirlines Arena took place last week. A Heat spokesperson said in an email that while the arena is not yet accepting cryptocurrency, the team is studying it closely.
Bankman-Fried said the county investments and FTX’s office are just the start of his relationship with Greater Miami.
“We’re here 19 years,” he said. “There’s a lot more to come.”
This story has been updated to clarify that FTX has an office in Hong Kong, but is not based there.
This story was originally published June 10, 2021 at 7:00 AM.
