Team SoloMid Renamed TSM FTX In $210 Million Deal With Crypto Firm

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You may have heard of a sports team selling the name of its stadium, but what do you do if you’re an esports organization with no stadium name to shop? Sell the team’s name, of course, and that’s exactly what North American esports org Team SoloMid has done.

TSM has agreed to a 10-year, $210 million deal with cryptocurrency trading site FTX, which will change the team’s name to TSM FTX. The money, according to the official press release, will be used toward expanding the team to other platforms–with mobile noted as a focus–as well as the opening of new offices around the world.

The deal will also see TSM FTX purchase $1 million worth of FTX’s original coin FTT, as well as “distribute cryptocurrency to each of its players and employees.”

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Source: Game Spot Mashup