- FTX is sponsoring e-sports group TSM in a $210 million deal that will see the organization rebrand itself to TSM FTX
- The new brand will be used online and in competitions.
- TSM is valued at approximately $410 million, and it is currently the largest e-sports organization in the U.S.
Share this article
Crypto exchange FTX has secured a deal in which it will sponsor and rename a popular e-sports team, according to the New York Times.
$210 Million Over Ten Years
FTX will pay Team SoloMid (TSM) $210 million over the next ten years. As part of the deal, TSM will be branded TSM FTX on its web page, on social media, in tournaments, and elsewhere.
However, there are some restrictions. Riot Games has barred the company from using the new brand, meaning that the name will not apply during League of Legends and VALORANT competitions.
“Crypto exchanges fall under a category of sponsorship that carries activation restrictions,” Riot Games explained in a statement to gaming news site Dot Esports. “As a result [the] new naming convention and FTX brand placement on TSM jerseys will not apply…in North America.”
One of the Biggest Deals of Its Kind
TSM is currently the largest e-sports organization in the U.S., with a valuation of approximately $410 million as of 2020.
The e-sports group includes teams that play League of Legends, Hearthstone, Super Smash Bros., Fortnite, Magic: The Gathering, and various other video games and tabletop games.
Meanwhile, FTX operates the 12th largest crypto exchange and the second largest crypto derivatives exchange. Those platforms respectively saw $2 billion and $10 billion in volume over 24 hours.
The New York Times noted that the agreement between TSM and FTX is larger than other deals between companies and traditional sports teams. It cited three recent deals (Citibank-Mets, MetLife-Giants, and Barclays-Nets) that amounted to about $20 million each.
On a related note, FTX negotiated a $135 million deal that renamed Miami’s AmericanAirlines Arena to the FTX Arena earlier this year. The arena’s signage was changed this week, completing the deal.
Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.
Crypto.com to Sponsor Aston Martin’s Formula One Team
Aston Martin’s Formula One racing team now counts Crypto.com as one of its sponsors. Crypto.com Headed to F1 Crypto.com confirmed that it had signed a multi-year deal with the luxury…
FTX Exchange Adds PayPal Support
Another big update from the FTX team: PayPal has now been added to the exchange. FTX Adds PayPal FTX users will now be able to make instant fiat deposits through…
What is Polygon (MATIC): Ethereum’s Internet of Blockchains
In terms of both decentralized app (DApp) development and adoption, no blockchain has been more successful than Ethereum (ETH). But despite its relative success, the Ethereum network still contains several…
FTX Will Likely Get Naming Rights to Miami Heat’s Arena
Crypto exchange FTX will likely gain the naming rights to the Miami Heat’s sports arena, according to the Miami Herald. FTX Buys Stadium Rights Over the past several weeks, FTX…