TSM has signed a 10-year, $210 million naming rights agreement with FTX Trading Limited and West Realm Shires Services Inc., the owners and operators

TSM signs 10-year, $210 million naming rights deal with crypto exchange FTX

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2021-06-04 22:30:11

TSM has signed a 10-year, $210 million naming rights agreement with FTX Trading Limited and West Realm Shires Services Inc., the owners and operators of cryptocurrency exchanges FTX and FTX.US, according to a report from The New York Times.

TSM will now go by “TSM FTX” across all titles the organization competes in, including League of Legends, VALORANT, Apex Legends, and others. TSM will use the partnership money to expand globally, including new offices in Asia, Europe, and South America, and will invest in mobile gaming and other platforms. It’s also purchasing $1 million of FTX Token (FTT) to distribute among its employees and players.

It comes as other digital currency and goods companies expand into esports. In the past week, Dignitas announced a partnership with digital bank QNTMPAY and G2 Esports partnered with Bondly, a platform for non-fungible tokens. Several gambling websites that use cryptocurrency as their wager have begun sponsoring gaming creators and influencers on Twitch as well.

“Taking a huge industry and then reimagining it in a digital age: that’s sort of what e-sports are to sports, and it’s sort of what crypto is to investing and to finance,” FTX CEO Sam Bankman-Fried told the Times.