GameStop Announces Partnership With FTX.US to Strengthen Crypto Adoption

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:

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

Related Posts

Net Bitcoin ATMs growth drops globally for the first time ever

Data on net changes of crypto ATM installations confirm that, in September, 796 crypto ATMs were pulled off from the global network. The domino effect of a…

Cardano reaches 3.9m wallet addresses and invests $200m to boost ecosystem – ADA about to explode

Cardano’s founding entity (Emurgo) will invest these funds in various projects over the next three years. Cardano’s wallet addresses surpass 3.9 million, but ADA price is still…

A Decade Later, Ross Ulbricht’s Silk Road Sentencing Demonstrates The Government’s Fear Of Bitcoin

Silk Road Founder Ross Ulbricht’s excessive 2013 sentencing betrays the U.S. government’s fear of Bitcoin and dollar competition. This is an opinion editorial by Aaron Daniel, an appellate…

Bitcoin Volume Spikes With Market Uncertainty In The UK

Is bitcoin diverging from traditional markets? Are people starting to wake up to the fact that the fiat system will not save them in times of crisis?…

Not Again: Solana (SOL) Down 4% as It Suffers Another Outage

Solana network is back online after experiencing another outage that had it offline for six hours during the early hours of October 1. Solana Status revealed that the…

Block’s TBD Partners With Circle to Create Global Fiat-Crypto Bridges

TBD – a Bitcoin-focused wing of Jack Dorsey’s payments company Block – has partnered with Circle to help expand on and off ramps between the worlds of…

Generated by Feedzy