When Team SoloMid was founded way back in 2019 by Andy "Reginald" Dinh, it would have perhaps never crossed his mind that it would become such massive that they would be able to sign one of the biggest deals in eSports history. According to TSM, they have agreed on a whopping $210 million partnership deal with FTX. The major strategy for this partnership is a focus on massive expansion into new platforms such as mobile, accelerating existing global reach with the opening of offices in Asia, Europe and South America. Moreover, the idea is to expand the existing performance infrastructure as well as increase investment in talent development.
One of the biggest changes in effect would be that now the Esports organisation would be renamed as TSM FTX. It should be noted here that FTX majorly deals with cryptocurrency and thus the players and staff at TSM will reap great benefits from this deal. It is being reported that the joint venture TSM FTX will distribute cryptocurrency to each of its players and employees and is even likely to purchase $1 million in FTT, which is FTX’s native token.
This deal is extremely important to the future of our organization: Dinh
"When I met Sam Bankman-Fried, I immediately knew we had to work together. Not only did TSM FTX fit perfectly as a brand, Sam is an innovative CEO that is in every way ahead of his time. Against all odds as a young ambitious entrepreneur, he has been able to disrupt markets by making smart decisions and by surrounding himself with smart people," Dinh said on the partnership as quoted by Essentially Sports.
"He has proven that you can build a multi-billion-dollar business that can grow incredibly fast at scale – all while charging a fraction of what other platforms charge, and creating a culture of community and focus on social impact. This deal is extremely important to the future of our organization, but it was equally as important for me personally to partner with such a visionary leader," he added.
It should be highlighted that TSM was already one of most profitable names in the umbrella of Esports. And with the added 21 million per year for the next 10 years implies that they can do the unimaginable. Goes without saying that the entire Esports world will have their eyes on this deal and what it brings to the table.