Recently, Cryptocurrency exchange FTX signed a seven-year partnership with Riot Games to sponsor its League of Legends Championship Series (LCS) franchised league in North America.
Though financial terms of the deal were not revealed,
according to the Riot Games it is the largest sponsorship agreement it has signed, for an esports league to date. As the official cryptocurrency exchange of the league, FTX branding will appear throughout LCS broadcasts beginning this weekend. The crypto-exchange will specifically sponsor broadcast segments related to the in-game gold currency. FTX will also sponsor the league’s Most Improved Player Award. Player net worth, total team gold, and gold graphs will also feature FTX branding next to those in-game stats.
Earlier, in June, FTX bought the naming rights for esports team TSM in a $210 million deal. TSM participates in the LCS, and is one of the organization’s most valuable and prominent esports team.
Source: riotgames
Well, the deal comes in light of recent, massive growth of FTX. Just last month, the exchange reportedly raised more than $900 million from 60 different investors and was valued at over $18B. FTX has been investing covering multiple sport and esports scenes, now encompassing the NBA, MLB, and the LCS.
Interestingly, the rival exchange Coinbase also recently announced a deal with global tournament operator ESL to sponsor StarCraft II and Counter-Strike: Global Offensive competitions. The firm also sponsored team organization Evil Geniuses, which wrestles in the LCS. And, on the other hand, decentralized exchange Uniswap sponsored esports club Team Secret in this June via a $112,000 grant voted on by governance token holders.