The FTX crypto exchange is in the news Friday after announcing a massive deal with e-sports giant Team SoloMid (TSM).
Here’s everything crypto investors need to know about the deal between FTX and TSM.
- The FTX news has the crypto exchange spending $210 million in a naming deal with TSM.
- This will have TSM operating under the name “TSM FTX” for the next 10 years.
- That deal will see it use the name TSM FTX while playing League of Legends, Valorant, Apex Legends, and other sports titles professionally.
- TSM says it already has plans to use the funds to expand its business.
- That includes opening offices up in several regions, such as Asia, Europe, and South America.
- It also plans to use $1 million from the funding to purchase FTX Token (CCC:FTT-USD).
- The e-sports team plans to distribute these tokens to its employees.
- TSM also took to Twitter (NYSE:TWTR) to announce the deal with a video.
- The FTX crypto exchange news marks one of the largest e-sports deals in history.
- It makes sense that it was with TSM, which is itself one of the largest e-sports companies.
- TSM was valued at $410 million in December.
- Its parent company, Swift, is estimated to bring in $45 million in revenue a year.
- Roughly half of that is thanks to its e-sports business.
Andy Dinh, one of the founders and current CEO of TSM, said the following about the FTX crypto exchange deal news while speaking with The New York Times.
“It gives us a strong foothold to really grow our brand globally. We want to truly be a global e-sports team. We have to invest in having bases in multiple places.”
FTT was down 3.5% over a 24-hour period as of Friday afternoon.
Investors looking for more crypto news today are in luck.
There’s plenty of recent topics worth looking into today. That includes Alaska Inu (CCC:LAS-USD) price predictions, why crypto markets crashed today, as well as a major crypto mining deal for The9 Limited (NASDAQ:NCTY). You can learn all about that at the links below.
More Crypto News for Friday
- Alaska Inu (LAS) Price Predictions: How Long Is the Leash on the LAS Crypto?
- Why Did Crypto Crash Today? Elon’s Become So Numb.
- NCTY Stock: The Clean Crypto Mining Deal That Has The9 Limited Flying Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.