On Friday, the FTX exchange announced the signing of a naming rights agreement with US professional esports organization TSM for $210 million. The cryptocurrency exchange’s multi-year partnership arrangement will allow the crypto firm to change the company’s name to “TSM FTX”.
Esports firm will rename TSM organizations to ‘TSM FTX’
FTX Exchange has acquired another naming deal after recent arrangement With the grounds of the Miami Heat in Florida. According to the exchange, the company has entered into a multi-year partnership with esports organization TSM for $210 million.
TSM is an organization that fields players in a number of online competitions with games such as PlayerUnknown’s Battlegrounds, PUBG Mobile, Tom Clancy’s Rainbow Six Siege, League of Legends, Apex Legends, Valorant, Hearthstone and Super Smash Bros.
The deal is between FTX Trading Limited, West Realm Shires Services Inc and TSM. With TSM exclusive ownership of the naming rights, the organization would now be known as “TSM FTX”. According to Announcement, plans to expand operations and enter new markets in South America and Asia. TSM founder and CEO Andy Dinn praised FTX Exchange executive Sam Bankman-Fried.
“When I met Sam Banksman-Fried, I knew right away we had to work together,” Dinh said. “TSM FTX was not only a perfect fit as a brand, Sam is an innovative CEO who is ahead of his time in every way. Against all odds as a young aspiring entrepreneur, he is passionate about making smart decisions and working with smart people. Capable of disrupting markets by surrounding itself.
Major philanthropic initiatives in the works
According to the announcement, “TSM FTX’s mission and focus” is looking toward social impact, and the rebranded firm plans to reveal “major philanthropic initiatives announced soon.” The announcement states that the initiative will be based on things like “development of financial literacy” and “increased educational opportunities”.
“In the end, our partnerships will be as strong as we build them,” said Sam Bankman-Fried, founder and CEO of FTX Exchange. “We think TSM will be able to help broadly expand the presence of digital assets outside the traditional landscape. We are also proud to be working with them to give back to the world,” said the exchange executive.
What do you think about the naming deal between FTX and TSM? Let us know what you think about this topic in the comment section below.
image credit: Shutterstock, Pixabay, WikiCommons, TSM
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