FTX merged with Team SoloMid: what will change for cryptocurrency market
The FTX cryptocurrency derivatives exchange and global esports brand Team SoloMid have signed a $ 210 million deal.
According to the Friday release, the terms of the deal include a multi-year partnership with the esports brand name changing to TSM FTX.
As part of the TSM deal, FTX will distribute cryptocurrency among the players and employees. In addition, the transformed esports company will also buy FTT in the amount of $ 1 million – the FTX exchange’s own token.
In America, the TSM brand is considered the most expensive and recognizable in esports. Therefore, this deal is doubly beneficial for FTX.
FTX CEO Sem Bankman-Fried, commenting on the opportunity to significantly increase the company’s attractiveness in the US with the deal, said:
“In the end, our partnerships will be as strong as we make them. We think TSM can help significantly expand the presence of digital assets beyond the traditional landscape. We are also proud to work with them. ”
FTX has been actively buying and investing over the past year. In August 2020, the company acquired Blockfolio, a cryptocurrency portfolio platform for $ 150 million. In addition, in May, the company announced their plans for a new round of funding ranging from $ 400 million to $ 1 billion.