What is TSM FTX?

On Friday, TSM, a competitive video game organization based in Los Angeles, announced that it was changing its name to TSM FTX — and getting paid $210 million over 10 years in the process. FTX, an up-and-coming Hong Kong-based cryptocurrency exchange, will foot the bill.

What does FTX stand for?

Sam Bankman-Fried, the chief executive of FTX, which stands for Futures Exchange, said he quickly saw the parallels between his company and TSM after a series of Twitter messages with Andy Dinh, a TSM founder and chief executive.

Will FTX pay for sports stadiums?

FTX, an up-and-coming Hong Kong-based cryptocurrency exchange, will foot the bill. The annual $21 million payment is larger than many deals corporations have struck with traditional sports teams in recent decades to have their names attached to stadiums and arenas.

Why did FTX collapse in November 2022?

In November 2022, cryptocurrency exchange FTX collapsed over a period of 10 days. Following a report suggesting potential leverage and solvency concerns, the exchange faced a liquidity crisis and tried to negotiate a bailout by rival Binance that quickly fell through.