TSM And FTX Just Made Esports History
TSM, one of the biggest esports brands in the world, has just made history by signing a multi-year deal with FTX Trading Limited, a cryptocurrency exchange platform. TSM shared the news via press release, detailing the finer points of the agreement.
TSM said that it's a "$210 million, multi-year partnership deal split between FTX Trading Limited and West Realm Shires Services Inc, owners and operators of FTX.com and FTX.US respectively." $210 million is no chump change, and the high value of the deal (the largest in esports history) is sure to turn heads.
Perhaps most significantly, TSM will now have a new moniker going forward, one that specifically reflects the historic deal. According to the press release, "FTX.com and FTX.US have, together, secured exclusive naming rights for TSM, which will now be known as 'TSM FTX.'" The team's new name symbolizes the two companies combining, even if only for a five year contract, and demonstrates that the groups want to work together towards shared goals.
One of those goals is a major philanthropic initiative that has yet to be announced, as well as the promotion of cryptocurrency. As part of the deal, "TSM FTX will distribute cryptocurrency to each of its players and employees as well as purchasing $1 million in FTT, FTX's native token." That's right, TSM FTX players will be paid (at least partially) in crypto.
Admiration from both sides
The founders of both TSM and FTX had only nice things to say about each other. Andy Dinh, TSM's co-founder and CEO, said of FTX CEO Sam Bankman-Fried, "He has proven that you can build a multi-billion-dollar business that can grow incredibly fast at scale ... and creating a culture of community and focus on social impact."
Bankman-Fried remarked that TSM has "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." Both Bankman-Fried and Dinh seem confident that the partnership will help both companies grow, while also having a positive social impact.
Esports leagues themselves continue to be a source of entertainment, in addition to the games they play. Even some politicians have been getting in on the action by forming their own leagues. Fans can look forward to exciting news from TSM and FTX as more details of the history making deal become public. In the meantime, the official TSM YouTube channel has posted a humorous sketch about the new deal.