Bitcoin News and Finance
From Mercedes F1 to Miami Heat, Sports Teams Suspend FTX Sponsorships Skip to main content

From Mercedes F1 to Miami Heat, Sports Teams Suspend FTX Sponsorships

From Mercedes F1 to Miami Heat, Sports Teams Suspend FTX Sponsorships

A string of organizations competing in various sports are pulling out of sponsorship deals with beleaguered cryptocurrency exchange FTX. The coin trading platform had pledged millions of dollars to building up brand recognition among sports fans before it went bankrupt.

FTX Sign Being Dismantled as Miami Heat Seeks New Naming Rights Partner for Its Arena

Scrapping one of FTX’s most expensive sponsorship arrangements, NBA’s Miami Heat and Miami-Dade County said on Friday they are terminating the agreement with the troubled crypto exchange and stated their intention to find a new naming rights partner for the basketball team’s arena.

The reported $135-million, 19-year deal to rename the sports venue to FTX Arena was signed in June of last year. The news that Miami Heat is pulling out of the arrangement came after FTX announced a filing for Chapter 11 bankruptcy protection in the United States and the resignation of CEO Sam Bankman-Fried.

A photo posted on Twitter Saturday seems to show workers that are already dismantling the FTX sign on the building’s rooftop. In the past couple of years, the FTX brand name has been associated with a variety of sports as, like others in the industry, FTX invested in a number of such sponsorships.

Also last summer, shortly after securing the naming deal for the Miami Heat’s stadium, FTX became the official cryptocurrency exchange of Major League Baseball (MLB), with the FTX.US logo featured on umpire uniforms at the MLB’s All-Star Game in July.

Mercedes to Remove FTX Logos From F1 Cars After Suspending Sponsorship Deal

In September, 2021, FTX made another major move into the sports arena by signing a long-term sponsorship agreement with the Mercedes-AMG Petronas Formula One Team. The deal, which was supposed to cover multiple race seasons, has been also terminated as the bankruptcy saga unfolded.

Mercedes cars in the world’s most popular racing championship will no longer carry the logos of the crypto derivatives exchange after the F1 team put an end to the partnership and announced it will not promote the crypto brand during the upcoming Brazilian Grand Prix. A spokesperson for Mercedes told the Racefans news outlet:

As a first step, we have suspended our partnership agreement with FTX. This means the company will no longer appear on our race car and other branded assets.

The statement followed earlier reports that the team is assessing the situation while keeping the branding. FTX logos were printed on several parts of its W13 cars and during the Miami Grand Prix Mercedes promoted the launch of an NFT collection with FTX.

Last year, FTX also entered the esports space through a naming deal with U.S. esports giant TSM and a sponsorship for the League of Legends Championship Series. Another partner in the sector, Brazilian esports organization Furia, tweeted Friday it’s discontinuing a one-year deal with FTX which was signed in April this year.

Do you expect other sports organizations to terminate their sponsorship agreements with FTX or other crypto platforms? Tell us in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory