Cryptocurrency exchange FTX has signed a $210 million naming rights partnership with e-sports Team Solo Mid (TSM). The deal is the largest in e-sports history, and TSM will change its name to TSM FTX.
FTX purchases naming rights to TSM
Hong Kong-based cryptocurrency exchange FTX has been expanding its presence in the sporting world. Following recent partnerships in the NBA and other games, FTX is now entering the electronic sports sector with its partnership with TSM.
In a press release earlier today, FTX announced that it had signed a multi-million dollar deal with TSM, allowing it to acquire the naming rights to the e-sports team. “FTX.US has partnered with TSM in relation to the US and FTX.com internationally. As part of this historic new relationship, FTX.com and FTX.US have, together, secured exclusive naming rights for TSM, which will now be known as ‘TSM FTX,’” the press release added.
The deal is worth $210 million, the largest in the history of electronic sports. The two entities will now work together on various industry-leading initiatives. According to the deal, they will focus on expanding into new platforms such as mobile. Thus, accelerating the current global reach by launching offices in Asia, Europe, South America and more. “Additionally, TSM FTX will distribute cryptocurrency to each of its players and employees as well as purchasing $1 million in FTT, FTX’s native token,” TSM added.
FTX CEO Sam Bankman-Fried said the company is excited to work with TSM due to its reputation as the world’s leading e-sports team.
— SBF (@SBF_Alameda) June 4, 2021
FTX making a name in the sporting world
FTX is one of the leading cryptocurrency exchanges in the world. However, its interest in the sporting scene is attracting a lot of attention. According to the New York Times, the $210 million deal signed by FTX is larger than many deals corporations have agreed with traditional sports teams in recent years. FTX’s $21 million annual deal with TSM is similar to “Citibank’s deal with the Mets ($21 million per year), MetLife’s contract with the Giants and Jets (about $19 million per year) and the British bank Barclays’s agreement with the Nets ($20 million per year),” the New York Times added.
In April, the crypto exchange signed an exclusive deal with NBA team Miami Heats, purchasing the naming rights to the stadium for the next 19 years at $135 million. Blockfolio, the other company owned by Sam Bankman-Fried, also signed an endorsement deal with NFL star Trevor Lawrence in April.