GameStop Announces Partnership with FTX.US to Strengthen Crypto Adoption

The popular video game retailer and meme stock GameStop has announced a partnership with Sam Bankman-Fried’s crypto exchange FTX.US to boost the interaction between crypto and gaming.

GameStop Partners with FTX

Doubling down on its dive into crypto, GameStop has announced a partnership with the leading crypto exchange, FTX.US. Although full details of the deal weren’t disclosed, both companies will promote e-commerce and marketing initiatives. 

As part of the partnership, GameStop will sell FTX gift cards in “select stores.” GameStop is now FTX’s “preferred retail partner” in the US, which suggests that the video game retailer could carry other FTX products in the future.

As per the press release, “the partnership is intended to introduce more GameStop customers to FTX’s community and its marketplaces for digital assets.”

GameStop Shares Rises 

Following the Wednesday announcement and release of GameStop’s fiscal Q2 earnings, the stock price of GameStop (GAME) shot up by more than 10%.

GME 2022-09-08 10-01-07

In its Q2 earnings, GameStop reported revenue of $1.14 billion, compared to the consensus analyst estimate of $1.27 billion. The company also reported an adjusted net loss of 36 cents/share, better than the estimated loss of 42 cents/share.

On the Flipside

  • GameStop has been hit with a new lawsuit that alleges that the company wiretaps customer service chats.

Why You Should Care

The partnership with FTX is a move to strengthen its bet on crypto, after launching the GameStop NFT marketplace earlier in the year.

Read about GameStop’s NFT marketplace in:

GameStop Launches Beta NFT Marketplace with Loopring Integration

The company’s focus on crypto is covered in:

GameStop Fires CFO and Lays Off Staff in Aggressive Turn-Around Move

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).