FTX and TSM sign mega esports deal worth $210 million
FTX, one of the fastest-growing crypto exchanges, and the esports organisation TSM have signed an agreement for FTX to acquire the naming rights to TSM.
The deal is said to be worth $210 million and the companies claim that it is the biggest deal in esports history so far. By this agreement, ESM would henceforth be known as TSM FTX. The partnership envisions the joint company to invest in various resources in the esports domain and also aims for global expansion.
“When I met Sam Bankman-Fried, I immediately knew we had to work together,” said Andy Dinh, Founder, and CEO of TSM. “Not only did TSM FTX fit perfectly as a brand, but Sam is also an innovative CEO that is in every way ahead of his time. Against all odds as a young ambitious entrepreneur, he has been able to disrupt markets by making smart decisions and by surrounding himself with smart people. He has proven that you can build a multi-billion-dollar business that can grow incredibly fast at scale – all while charging a fraction of what other platforms charge, and creating a culture of community, and focus on social impact. This deal is extremely important to the future of our organization, but it was equally as important for me personally to partner with such a visionary leader. Just as a shared passion for gaming connects people around the world across ages, continents, and language barriers, Sam built a company that connects the world around a shared value of the currency. I am extremely proud he chose to work with TSM.”
The partnership would mean FTX.US would partner in the US with TSM while it would partner TSM through FTX.com internationally. TSM fields players in various major esports competitions like Fortnite, League of Legends, etc. FTX has been expanding rapidly across different domains and it seems to have taken a liking to sports. Recently, it had acquired the naming rights to the home arena of the Miami Heat basketball team.
It is also reliably learnt that FTX is looking to raise more than $1 billion as part of its major expansion plans across the Americas, Asia and Europe and it is believed that this expansion may not be restricted to the crypto domain alone.
As part of this deal, the employees and players of TSM are expected to get tokens and TSM would also purchase $1 million worth of the FTX native token, FTT.