FTX joins the TSM family in a huge way.
Today, North American esports organization TSM announced a massive change to the company. First off, they've signed a 10-year, $210 million deal with cryptocurrency exchange company FTX. Under this new deal, the short-and-sweet TSM moniker will be getting another three letters. They'll now host the name TSM FTX as a company and across all of their teams.
The announcement was accompanied by a silly video despite the gravity of the deal. Truth be told, it is actually the "biggest deal in esports history" as they say. According to Jacob Wolf, it's "among the largest publicly disclosed sponsorship deals for an esports team," which is no small feat.
With these newfound funds, TSM plans on expanding its reach across the world. So far, there are plans for new offices to be built in Asia, South America and Europe. In addition, TSM will be investing more in the mobile gaming and esports market with an eye towards the future. Finally, TSM will be buying $1 million worth of FTX Token to give to their employees and players.
This partnership is an interesting one. Both the esports and crypto industries are relatively new and many see them as "the future". In fact, FTX CEO Sam Bankman-Fried gave similar sentiment to the NY Times.
“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.”
This deal is another indication of the growth of esports and, like traditional sports, how much money can be invested into it. TSM is now an even bigger organization in the esports space and it will be exciting to watch how this new partnership propels them forward.