TSM, an esport firm, has halted its partnership with bankrupt crypto exchange FTX.
In a brief statement from company representatives, TSM explained:
“After monitoring the evolving situation and discussing internally, TSM is suspending our partnership with FTX effective immediately. This means that FTX branding will no longer appear on any of our org, team and player social media profiles, and will also be removed from our player jerseys. This process may take some time to complete as some social platforms have made changes to their product features.
TSM is a strong, profitable and stable organization. We forecast profitability this year, next year and beyond. The current situation with FTX does not affect any part of TSM’s operating plan, which was set earlier this year. “
TSM announced the partnership in 2021, which involved a $210 million, multi-year partnership deal split between FTX Trading Limited and West Realm Shires Services Inc, owners and operators of FTX.com and FTX.US. The agreement gave FTX exclusive naming rights for TSM, which was rebranded as ‘TSM FTX.’
TSM FTX was expected to distribute cryptocurrency to its players and employees as well as purchasing $1 million in FTT, FTX’s native token.