FTX Crypto Exchange News: 13 Things to Know About the Huge TSM E-Sports Naming Deal

The FTX crypto trade is in the information Friday after saying an enormous cope with e-sports big Team SoloMid (TSM).

Source: Gorodenkoff / Shutterstock.com

Here’s all the things crypto traders want to learn about the deal between FTX and TSM.

  • The FTX information has the crypto trade spending $210 million in a naming deal with TSM.
  • This could have TSM working below the identify “TSM FTX” for the subsequent 10 years.
  • That deal will see it use the identify TSM FTX whereas enjoying League of Legends, Valorant, Apex Legends, and different sports activities titles professionally.
  • TSM says it already has plans to use the funds to broaden its enterprise.
  • That contains opening workplaces up in a number of areas, resembling Asia, Europe, and South America.
  • It additionally plans to use $1 million from the funding to buy FTX Token (CCC:(*13*)FTT-USD).
  • The e-sports group plans to distribute these tokens to its staff.
  • TSM additionally took to Twitter (NYSE:TWTR) to announce the deal with a video.
  • The FTX crypto trade information marks one in all the largest e-sports offers in historical past.
  • It is smart that it was with TSM, which is itself one in all the largest e-sports firms.
  • TSM was valued at $410 million in December.
  • Its mum or dad firm, Swift, is estimated to herald $45 million in income a yr.
  • Roughly half of that’s thanks to its e-sports enterprise.

Andy Dinh, one in all the founders and present CEO of TSM, mentioned the following about the FTX crypto trade deal information whereas talking with The New York Times.

“It provides us a robust foothold to actually develop our model globally. We need to actually be a world e-sports group. We have to put money into having bases in a number of locations.”

FTT was down 3.5% over a 24-hour interval as of Friday afternoon.

Investors on the lookout for extra crypto information right now are in luck.

There’s loads of latest subjects value trying into right now. That contains Alaska Inu (CCC:LAS-USD) worth predictions, why crypto markets crashed right now, in addition to a significant crypto mining deal for The9 Limited (NASDAQ:NCTY). You can study all about that at the hyperlinks beneath.

More Crypto News for Friday

On the date of publication, William White didn’t have (both instantly or not directly) any positions in the securities talked about on this article. The opinions expressed on this article are these of the author, topic to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2021/06/ftx-crypto-exchange-news-13-things-to-know-about-the-huge-tsm-e-sports-naming-deal/.

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