The big cryptocurrency exchange FTX, with whom TSM’s esports company had a $210 million sponsorship agreement in 2021, will no longer be a partner. Just two days prior, he stated that TSM “opens in new tab” information regarding what to do in the wake of the cryptocurrency company’s unexpected and monumental collapse.
TSM issued a statement in which it said that, “after observing the evolving situation and following internal conversations,” it was “immediately terminating its cooperation with FTX.” This implies that it will be deleted off the player’s jersey as well as from your social media profiles. Due to the altered product functionality on various social sites, this process could take some time.
TSM signed his 10-year, $210 million naming rights deal with FTX in June 2021 and was renamed TSM FTX. But FTX was thrown into turmoil in early November when an investigation into the company’s financial health sparked action, resulting in $6 billion in withdrawal requests in just three days.
Forbes earlier this year ranked TSM as the world’s most valuable esports organization, and ironically part of that $540 million valuation was his FTX deal. It is due to Nonetheless, the company said in a statement today that it will remain a “strong, profitable and stable organization” and that the FTX turmoil will not affect its business plans.