Cryptocurrency Exchange FTX To Rename And Sponsor Team SoloMid

New York Times has stated that a deal has been secured by FTX, saying that it will support and rename a famous e-sports team. As per the deal, a US well-known gaming team named Team SoloMid (TSM) will rebrand its name to TSM FTX for the worth of $210 million and will tag the rebranded name for the coming next ten years.

Deal in Detail

It is agreed in the deal that TSM (Team SoloMid) will acquire $210 in the time of the next ten years. For this purpose, FTX will rebrand the team as TSM FTX on social media, in tournaments, on its web page, and wherever the team is presented. Nonetheless, some restrictions have been imposed on this deal. It has been declared by Riot Games that the new brand will not be used by the company in the time of VALORANT and League of Legends tournaments. Further, it was mentioned that crypto exchanges come under the sponsorship category, so there are some limitations in the activation of the brand. Therefore, Riot Games has disclosed, in North America, the presentation of the FTX brand on the jerseys of TSM will not be applied.

An elaborated set of restrictions was put on the sponsors by Riot Games, including pornography, gambling, and cryptocurrency exchanges. Recently, its teams were barred from accepting the sponsorships offered by beer brands.

The uniqueness of this deal

Currently, TSM is the biggest e-sports institution with an estimated cost of nearly $410 million during 2020. The teams counted by e-sports that are capable of competing in League of Legends include Magic: the Gathering, Hearthstone, Fortnite, Smash Bros, and several Laptop games as well as other video games.

In the meantime, FTX is conducting an exchange that ranked 12th in the greatest exchanges in the cryptocurrency. Another exchange of crypto derivatives which is ranked 2nd largest, is also being operated by FTX. During 24 hours, the Formerly mentioned project earned $2 billion, and the latter earned $10 billion in revenue.

It was revealed by New York Times that the deal between FTX and TSM is much bigger than the traditional agreements among the sports teams. Some previous agreements have been mentioned by NYT (New York Times), including Citibank-Mets, Barclays-Nets, and MetLife-Giants that have not even crossed $20 million individually.

Recently, American Airlines Arena of Miami has been rebranded as FTX Arena after FTX negotiation and agreement on $135 million. To complete the deal, the signage of the arena was switched in this week.

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