The FTX cryptocurrency exchange just bought the naming rights for Team SoloMid
By Bob Garcia
Crypto and eSports are coming together in new ways as both continue to find more popularity
Crypto trading platform FTX has reached an agreement to obtain exclusive naming rights with global eSports brand Team SoloMid (TSM) after signing a multi-year partnership. As reported late last week, the deal has a valuation of $210 million and, upon completion of the transaction, the eSports brand name will become “TSM FTX.”
In this day and age, it is no longer unusual to see two companies in high-growth industries join forces in order to gain global exposure. It is becoming more and more common as executives are realizing that this is a very successful strategy. It has been said that as part of the deal, TSM FTX will also be in charge of distributing cryptocurrencies to employees and players, with the newly repurposed eSports company also getting FTT, FTX’s native token, for a price of $1 million. Since the token trades for around $34 as of today, it would mean that $1 million FTT is equivalent to a total of approximately 29,400 tokens.
This deal would undoubtedly mean another major milestone in FTX’s quest for greater brand recognition for the country’s exchange, which would not be surprising given that TSM, with a value of $410 million, is currently the most valuable eSports brand in the US. Sam Bankman-Fried, CEO of FTX commented on the deal, “In the end, our partnerships will be as strong as we make them, and we believe TSM will be able to help massively expand the presence of digital assets outside of the traditional landscape. We are also proud to work with them to give back to the world.”
FTX had also previously acquired the naming rights to the Miami Heat’s home stadium, which is now called FTX Arena, demonstrating the strong efforts the company is demonstrating to excel.