By CBSMiami.com Team

MIAMI (CBSMiami) – On Friday, Miami-Dade County finalized a new 19-year partnership agreement with a cryptocurrency exchange company to rename the home of the Miami HEAT as the FTX Arena.

Previously it was known as the AAA Arena or the American Airlines Arena.

READ MORE: Retired Police Major Explains How Miami-Dade Officers Are Trained Not To Mix Up Handgun & Taser

The move was approved during a special meeting held by the Board of County Commissioners.

“This is a historic investment for Miami-Dade – $90 million over 19 years that we will put to use to tackle some of our most pressing challenges and build a healthier, safer community,” said Miami-Dade County Mayor Daniella Levine Cava. “We’re grateful to FTX for their investment in Miami-Dade and proud to bring this partnership home.”

READ MORE: With J&J's Single-Shot Paused, Medical Expert Says People Shouldn’t ‘Try To Skimp At This Stage’ When It Comes To 2nd Dose Of Pfizer Or Moderna

“We face an epidemic of violence that is endangering too many families and neighborhoods. I’m proud that we are seizing on this opportunity to invest resources directly in programs that will reduce gun violence and create pathways to prosperity for people all across Miami-Dade,” said Commissioner Keon Hardemon.

“The entire FTX family is thrilled to launch this partnership with Miami-Dade County and the Heat,” said FTX CEO Sam Bankman-Fried. “Through this partnership FTX isn’t just putting our name on an iconic building, we are committed to providing value to the growing and diverse community in Miami-Dade over the next two decades.”

MORE NEWS: 'Bed Tax' Change Backed In Florida House

The agreement calls for FTX to also collaborate with Miami-Dade County to support technology and Fintech education, financial wellness for residents, and other programs. FTX also committed an additional $5 million in contributions to the Miami-Dade community beyond the scope of the naming rights partnership over the course of the deal, to help Miami-Dade residents thrive.

CBSMiami.com Team