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TSM suspends partnership with FTX

United States-based global gaming and entertainment company TSM is suspending its 10-year naming rights deal with FTX after the cryptocurrency exchange filed for bankruptcy.

FTX's deal with TSM, which turned the esports company's name into TSM FTX, was worth $210m (€172.7m) and was a record for the esports industry. The deal included the distribution of cryptocurrency to each of TSM's players and employees as well as purchasing $1m in FTT, FTX’s native token. According to the Washington Post, TSM would reimburse employees for buying FTT, ranging from $500-$1,000 in reimbursements.

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