TSM chants will ring loud but different as the organization received the largest acquisition of funds in esports history, signing a major deal with the crypto exchange organization FTX.
TSM will change its name to “TSM FTX,” according to a June 4 announcement via TSM’s Twitter account. In a report by the New York Times, the partnership is a 10-year, $210 million deal with a naming rights agreement with FTX Trading Limited and West Realm Shires Services Inc.
FTX is a cryptocurrency exchange company that, according to their website, “Offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens.”
The Times reported talks first started through a series of Twitter DMS between TSM owner Andy “Reginald” Dinh and FTX owner Sam Bankman-Fried. In the end, those talks produced a massive deal that could shake up the future of crypto-investments in esports.
“Taking a huge industry and then reimagining it in a digital age: that’s sort of what esports are to sports, and it’s sort of what crypto is to investing and to finance,” Bankman-Fried told the Times.
In a video released by TSM FTX Friday Morning, Dinh said, “Being in this unique position, it’s really cool that we get to tie esports gaming and crypto gaming together.”
TSM FTX is one of the most recognized names in gaming. With several teams in many different games across the world including League of Legends, VALORANT and Rainbow Six Siege, the organization is one of the most storied and decorated gaming organizations.
According to a Forbes report last year, TSM was ranked the most valuable esports organization in the world, with an estimated value of $410 million, beating out organizations such as Cloud9, 100 Thieves and Team Liquid.
This partnership between TSM and FTX is opens the door for further relationships between esports and crypto-currency.