FTX is reportedly one vote away from the naming rights to the Miami Heat's arena

Cryptocurrency exchange FTX is one step away from winning the naming rights to the Miami Heat's sports arena, according to a report by the Miami Herald. 

If approved by Miami-Dade County officials, the arena would be renamed the FTX Arena, stripping the logo of the current naming rights holder American Airlines. American Airlines have paid to be the namesake of the basketball stadium for nearly two decades, the Herald reported. 

The Miami-Dade County Commission is meeting Friday morning to vote on the agreement, the report added. It's not clear how much FTX, which operates crypto derivatives markets, will pay for the rights. 

The Miami Herald first reported that the deal was in the works on March 12. The deal would be the first of its kind for a cryptocurrency industry company.