Updated · Sep 26, 2022
GameStop is Crypto Marketplace FTX’s New Retail Partner
Updated · Sep 08, 2022
The video game retailer’s stock leaped by 10% following the partnership announcement.
GameStop is doubling down on its expansion into the cryptocurrency space, as revealed by its latest partnership.
The video game firm announced Wednesday that it is partnering with FTX, one of the world’s largest cryptocurrency exchanges. More GameStop customers will access FTX’s community and offerings through the deal.
Throughout the tenure of the partnership, GameStop will be the crypto marketplace’s preferred retailer in the United States. The announcement prompted a stock price boost for the company, which reported a loss for the sixth consecutive quarter.
As part of the deal, GameStop will collaborate with FTX on “new ecommerce and online marketing initiatives”. It will also carry the trading platform’s gift cards in select stores.
The companies have kept the financial aspects of the agreement private.
GameStop’s partnership with FTX comes at the heels of its move into the blockchain industry. In July, the company launched its NFT marketplace and crypto wallet. The platform is now in a public beta version. GameStop hopes to expand it to include categories like Web3 gaming.
For the quarter ending July, GameStop reported revenue of $1.14 billion, short of analyst estimates of $1.27 billion.
Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.
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