Crypto exchange FTX and international esports brand Team SoloMid have reportedly entered a multi-year alliance, which would provide exclusive naming rights to the platform.

Specifically, the partnership reportedly has the equivalent value of $210 million, where Team SoloMid will now have a new name of “TSM FTX.”. 

As included in the new partnership, TSM FTX will reportedly carry out the distribution of crypto, to players and employees. The freshly renamed esports entity further completed the purchase of $1 million equivalent of FTT – the native token of the FTX cryptocurrency exchange.

As for FTX, the development could potentially become an additional milestone in terms of achieving an enhanced level of brand recognition for the exchange, across the US market. Valued at approximately $410 million, TSM ranks first in the list of most valuable US-based esports brands. 

“In the end, our partnerships will only be as strong as we make them, and we think that TSM will be able to help massively expand the presence of digital assets outside the traditional landscape. We’re also proud to work with them to give back to the world.” Bankman-Fried reportedly remarked, regarding the impact of the partnership on developing FTX’s appeal. 

Previously, FTX has reportedly been successful in obtaining the naming rights to the Miami Heat’s home stadium, which is now officially referred to as FTX Arena. The value of the collaboration stood at $135 million with a 19-year tenure.

FTX has reportedly been making a string of purchases and investments throughout 2020, finalizing the acquisition of crypto portfolio platform Blockfolio for $150 million back in August. In May last year, the firm disclosed details of plans for new funding, with the value falling between $400 million and $1 billion, which could help FTX’s overall value hit $20 billion.