FTX and Team SoloMid’s global sports brand, oTSM, have signed a multi-year partnership that grants exclusive naming rights to the cryptocurrency trading platform.
According to a statement released on Friday, the deal is worth $ 210 million, with the esports brand being renamed TSM FTX.
As part of the TSM agreement, FTX will be distributing the cryptocurrency to players and employees of the newly reformed sports company, which also buys $ 1 million worth of FTT, the original token for the FTX crypto exchange.
Trading at just over $ 34 at the time of writing, buying a $ 1 million FTT would cost roughly $ 29,400.
For FTX, this agreement could mark another milestone in gaining greater brand awareness in the US stock market. TSM, worth approximately $ 410 million, is considered the most expensive sports brand in America.
Bankman-Fried said the deal could significantly boost FTX’s appeal in the US.
“Ultimately, our partnerships will be as strong as we are, and we believe TSM can help significantly expand digital asset presence beyond the traditional landscape. We are also proud to work with them to bring back the world. ”
As Cointelegraph previously reported, FTX has acquired the rights to the name of Miami Heat’s main stadium, now called FTX Arena. The deal was worth $ 135 million over 19 years.
FTX has bought and invested over the past year and acquired a $ 150 million blockchain wallet for cryptocurrency in August 2020. Back in May, the company announced plans for a new round of funding ranging from $ 400 billion to $ 1 billion, which could impact FTX’s valuation to rise to $ 20 billion.