FURIA's one-year deal with FTX signed in April 2022 was valued at approximately $3.2m (~£2.7m).
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Brazilian esports organization FURIA has closed its sponsorship deal with cryptocurrency exchange FTX, FURIA co-founder Andre Akkari announced on Twitter. The decision was made after FTX, which also sponsors the American organization TSM and the League of Legends Championship Series (LCS), filed for bankruptcy.Along the way, the company—flush with trading fee revenue from the mainstream crypto boom during the pandemic—spent big on game marketing deals to raise customer awareness.If you need more information about FURIA Cancels FTX Sponsorship After Crypto Exchange Files For Bankruptcy then read carefully and share wiith your friends.
FURIA’s one-year deal with FTX signed in April 2022 was valued at approximately $3.2m (~£2.7m). It is not disclosed how much amount FTX has already paid. At the time, FURIA told Esports Insider that it wanted to establish a ‘long-term relationship’ with the sponsor.In a post on Twitter announcing the cancellation, Akkari said: “FURIA closely follows the activities of all its partners, always attentive to the possibility of being able to contribute with them, but our fans Prioritizes. … The current case of our crypto exchange sponsor for esports organisation , which is in the global news, serves as an example for giving .
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“After this conversations with organisation and with our contacts at the company, it was decided that FTX will close the exhibition, removing the FURIA brand from all of its locations. This is intended to prevent the current phase of the company from harming any fans. FURIA continues to value and promote our strong partners, however always putting our fans first at any cost.The decision comes into force with immediate effect. The FTX branding is already absent from the jerseys of the organization’s CS:GO roster as it entered the IEM Rio Major 2022 stage.
FTX also has a $210m (~£177m) 10-year naming rights deal with TSM, which made headlines in June 2021 when it was announced as the largest publicly announced eSports sponsorship deal. FTX also has a seven-year deal with the League of Legends Championship Series (LCS). TSM and the LCS have yet to announce whether their respective deals will expire.
In a dramatic change in fortunes for one of crypto’s largest exchanges, FTX filed for bankruptcy on October 11 in Delaware, US. FTX was valued at $32bn during its last funding round in January 2022. The company’s downward spiral and eventual bankruptcy first began after an October 9 report from Coindesk revealed that Alameda Research, a sister company of FTX, held a substantial portion of the broker’s crypto. Property.FTX competitor Binance later decided to sell its investment in FTT, the cryptocurrency used by FTX. Binance then signed a letter of intent to buy out its rival, but withdrew a day after reviewing its finances, setting off a chain effect of FTX users selling their assets.
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