Cryptocurrency trading platform FTX has sealed a record, $210 million naming rights deal with US esports organisation Team SoloMid (TSM), representing the largest sponsorship deal in the esports industry’s history.
Under the terms of the 10-year naming rights arrangement, signed with FTX Trading Limited and West Realm Shires Services, the owners of cryptocurrency exchanges FTX and FTX.US, TSM will be rebranded as TSM FTX.
Furthermore, TSM FTX will purchase $1 million in FTX’s native token, FTT, and distribute cryptocurrency to each of its players and employees.
“We’re really excited to work with TSM. Their team has gone above and beyond both in-game and out, and rightfully established itself as the premier team in esports,” said Sam Bankman-Fried, Founder and Chief executive of FTX.com and FTX.US.
“We’ve also been really impressed working with them: they have 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. We’re also proud to work with them to give back to the world.”
According to the two parties, TSM FTX will expand its presence in new platforms such as mobile esports, whilst accelerating its global reach by opening new offices in Asia, Europe and South America.
“This deal is extremely important to the future of our organisation, but it was equally as important for me personally to partner with such a visionary leader,” emphasised Andy Dinh, Founder and Chief Executive of TSM.
“Just as a shared passion of gaming connects people around the world across ages, continents, and language barriers, Sam built a company that connects the world around a shared value of currency. I am extremely proud he chose to work with TSM.”
TSM and FTX will also collaborate on a number of ‘industry-leading initiatives’, including a ‘philanthropic initiative’, over the course of the next five years of the partnership, with a significant investment made into esports and gaming by ‘increasing educational opportunities and developing financial literacy’.