FTX and global esports brand Team SoloMid, oTSM, have signed a multi-year partnership that grants exclusive naming rights to the crypto trading platform.
According to a release issued on Friday, the deal is valued at $210 million with the esports brand’s name changing to “TSM FTX.”
As part of the deal, TSM FTX will distribute crypto to players and employees with the newly repurposed esports company also purchasing $1 million worth of FTT — the native token of the FTX cryptocurrency exchange.
Trading slightly above $34 as of the time of writing, a $1 million purchase of FTT would amount to about 29,400 tokens.
For FTX, the deal could mark another major milestone in gaining greater brand recognition for the exchange in the United States. Valued at about $410 million, TSM is reportedly the most valuable esports brand in America.
Commenting on the potential for the deal to significantly improve FTX’s appeal in the U.S., Bankman-Fried said:
“In the end, our partnerships will only be as strong as we make them, and we think that TSM will be able to help massively expand the presence of digital assets outside the traditional landscape. We're also proud to work with them to give back to the world.”
As previously reported by Cointelegraph, FTX secured the naming rights to the Miami Heat’s home stadium, which is now called FTX Arena. The deal was worth $135 million with a 19-year tenure.
FTX has been on a purchasing and investment spree over the last year, acquiring crypto portfolio platform Blockfolio for $150 million back in August 2020. Back in May, the company announced plans for a new funding round between $400 million and $1 billion, a move that could see FTX’s valuation soar to reach $20 billion.