The NewYork Times has reported that TSM has signed a 10-year, naming right agreement with FTX Trading Limited and West Realm Shires Services inc worth $210 million. FTX and West Realm are the owners and operators of Cryptocurrency ezchanges
This then implies that the TSM will now go by “TSM FTX” across all titles in all organization that it competes in, including League of Legends, VALORANT, Apex Legends, and others.
TSM will therefore use the partnership money to expand globally, including new offices in Asia, Europe, and South America, and would therefore invest in mobile gaming and other platforms maintainig that it’s also purchasing $1 million of FTX Token (FTT) to distribute among its employees and players.
The deal is therefore among the largest publicly disclosed sponsorship deals for an esports team, and it is coming as other digital currency and goods companies are beginning to expand into esports.
Recall that over a week ago, Dignitas did announced a partnership with digital bank QNTMPAY and G2 Esports which also partnered with Bondly, a platform for non-fungible tokens.
As a result, several gambling websites which uses cryptocurrency as their wager have begun sponsoring gaming creators and influencers on Twitch as well.
In his opinion, FTX CEO Sam Bankman Fried said
“the company is taking the huge industry and then reimagining it in a digital age: likening it to what e-sports are to sports, and it’s what crypto is to investing and to finance.”
This therefore means that FTX and West Realm Shires run two crypto exchanges, with FTX.US trading more than $6 billion in the past 30 days while On those exchanges, the major coins, such as Bitcoin and Ethereum, have been able to be traded by customers, although there’s also access to less valuable currencies as well, such as Dogecoin, which has seen social media fascination over the past few months.
However, TSM and its parent company, Swift, are widely considered to be among the most valuable teams in all of esports.
Meanwhile, In December Forbes valued TSM at $410 million and estimated that Swift brings in $45 million in annual revenue, 50 percent of which is from esports whike Swift’s other investments include guide programs and websites for League and other titles, such as the Blitz App, ProBuilds, and LoLCounter and others.