As cryptocurrency exchange FTX begins the process of chapter 11 bankruptcy, the action has shaken the financial world and various companies related to the platform. Among those was long-running esports organization Team SoloMid, which partnered with FTX, taking on the latter as a sponsor in June of 2021. TSM has recently released a statement regarding its future with FTX, stating that the esports organization is in no danger of shuttering alongside the crypto exchange.
Team SoloMid shared its statement on the matter of FTX in an email following the recent announcement of bankruptcy by FTX. Reportedly, Team SoloMid may be looking into legal options regarding the partnership and sponsorship.
Indeed, TSM has been around for quite a long time with presences in fighting games, MOBA, first-person shooter, and further esports scenes stretching from Apex Legends to Street Fighter. The company has a huge reach and continues to operate in a lot of competitive gaming spaces.
That said, the FTX situation has been a catastrophe for many groups related to it. The company filed for bankruptcy and replaced former CEO Sam Bankman-Fried this last week after fellow crypto exchange Binance nearly acquired, and then quickly pulled out of a deal to absorb FTX. TSM ends up caught in this as well because it has been partnered with FTX with the latter as a sponsor since June 2021, as reported by SportTechie.
As FTX’s assets are taken into stock and liquidated, it has sent massive ripples throughout the financial space. Nonetheless, the TSM organization assures that it will weather the storm. Stay tuned as we continue to follow this story for further updates.