The popular video game retailer and meme stock, GameStop have 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 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%.
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:
The company’s focus on crypto is covered in: