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 Released Friday, the deal is valued at $210 million, with the esports brand being renamed “TSM FTX.”
As part of the deal, TSM will distribute crypto to FTX players and employees, with the newly rebranded esports company also buying $1 million worth of FTT – the native token of the FTX cryptocurrency exchange.
At the time of writing, trading slightly above $34, a $1 million purchase of FTT would be equivalent to approximately 29,400 tokens.
For FTX, the deal could mark another major milestone in gaining more brand recognition for the exchange in the United States. valuable about $410 million, TSM is reportedly the most valuable export brand in America.
Commenting on the deal’s potential to significantly improve FTX’s appeal in the US, Bankman-Fried said:
“Ultimately, our partnership will be as strong as we build them, and we think TSM will be able to help broadly expand the presence of digital assets outside the traditional landscape. We need to give back to the world. Proud to work with him too.”
As previously reported by Cointelegraph, FTX has secured the naming rights for the Miami Heat’s home stadium, now called FTX Arena. The deal was worth $135 million with a term of 19 years.
FTX has been on a buying and investing spree for the past 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 of between $400 million and $1 billion, a move that could see FTX’s valuation reach $20 billion.