A deal valued at $210 million for ten years will see TSM rename all of its esports teams to TSM FTX.
TSM and FTX have signed the biggest deal in esports history valued at $210 million. All TSM teams will now rename to TSM FTX, giving the cryptocurrency exchange exclusive naming rights to organisations various esports teams.
TSM has signed a deal with FTX Trading Limited and West Realm Shires Services Inc, owners and operators of FTX.com and FTX.US respectively. FTX.US is the official partner of TSM in the US while FTX.com will be the partner for international markets. The deal spans ten years and will see TSM receiving $21 million per year according to the New York Times.
TSM FTX: A gaming and cryptocurrency partnership
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 of gaming connects people around the world across ages, continents, and language barriers, Sam (Founder and CEO of both FTX.com and FTX.US) built a company that connects the world around a shared value of currency. I am extremely proud he chose to work with TSM.Andy Dinh, Founder and CEO of TSM.
The past several months have seen increased popularity for gaming and cryptocurrency markets. With work-from-home rules and a large global population staying home during the pandemic, people have been playing more games from the comfort of their homes. At the same time, the decentralized nature of cryptocurrency offers has seen many new users during the last year. Cryptocurrency prices have also sky-rocketed over the past months constantly making the news cycle. Earlier this year FTX acquired the naming rights to the Miami Heats.
They (TSM) have the drive, creativity, communication, and generosity that we find combined in very few places. 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.Sam Bankman-Fried.
This partnership is on par with some of the biggest deals in sports. TSM will receive $21 million per year and will reinvest in esports and gaming. The North American gaming organization plans to open offices in Asia, Europe, South America over the next five years. It will also focus on improving existing performance infrastructure, and increased investment in talent development.