FTX and the global eSports organization, Team SoloMid or TSM, You have signed a multi-year partnership that grants exclusive naming rights to the trading platform for cryptocurrencies.
According to the statement problematic on Friday the deal will be rated $ 210 million and the esports brand name changes to “TSM FTX”.
Under the agreement, TSM FTX will be distributing cryptocurrencies to players and employees, and the new esports company will also buy $ 1 million in FTT. the native token of the FTX cryptocurrency exchange.
Trades a little over $ 34 at the time of writing, Buying USD 1 million FTT would equate to roughly 29,400 tokens.
For FTX, the transaction could represent another important milestone in gaining greater brand awareness for the US stock exchange. Rated with approx. $ 410 million, TSM is reputedly the most valuable esports brand in the US.
Banker Fried commented on the potential of the transaction to significantly increase the attractiveness of FTX in the US:
“In the end, our partnerships will only be as strong as we make them, and we believe TSM can 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 ”.
As previously reported by Cointelegraph, FTX secured the naming rights to the Miami Heat Stadium, which is now called FTX Arena. The contract was valued at $ 135 million and had a term of 19 years.
FTX has been on a buying and investing streak for a year, Acquisition of the Blockfolio cryptocurrency wallet platform for $ 150 million in August 2020. Back in May, the company announced plans for a new round of funding of between $ 400 billion and $ 1 billion, a move that could skyrocket FTX’s valuation to $ 20 billion.