It has been made public that TSM’s name sponsor, FTX are currently valued at $18 billion after a huge investment of $900M. Read on to know more about the news:
FTX valued at $18 billion – What happened?
Yesterday, the cryptocurrency company entered into a business deal with celebrity couple Tom Brady and Gisele Bündchen. Due to this, the exchange raised $900M to attempt to grow their brand through investments.
TSM first revealed their partnership with Cryptocurrency exchange FTX back in June. This partnership consisted of a $210 Million deal in favour of TSM. As stated in their agreement, this $210M deal is to be distributed throughout the following 10 years. Meaning that this was the biggest sponsorship any esports organisation within the industry has been a part of.
Riot clashing
Unfortunately it wasn’t all well for FTX, as Riot Games immediately took action with regards to the rebrand and name change of TSM. Due to Riot’s LCS regulations, TSM will be disallowed to use the FTX tag in both League of Legends and VALORANT. This is mainly because Riot would not like to advertise crypto.
Concluding thoughts
TSM is one of the first established esports orgs in North America and it’s great to see that they’ve got a long term plan moving forward into the following years. The esports industry is always evolving, and the business side of it is growing tremendously. We cannot wait to see more of TSM in the near future and we look forward to what else they got in store for us in 2021.
Be sure to visit www.esportsguide.com for all your important and latest esports news!
