GameStop Announces Partnership With FTX

GameStop Announces Partnership With FTX

GameStop Announces Partnership With FTX

  • GameStop partners with FTX 
  • They will accelerate the adoption of crypto services for clients
  • After this news, GameStop shares soared

FTX US and GameStop have announced a partnership. The crypto exchange will become the main partner of the retailer and will help develop new client services in the field of Web 3.0. GameStop will also sell FTX gift cards in US stores. Other details of the deal were not disclosed.

The announcement was made on the day of GameStop’s quarterly sales report. They showed a lower result than in the previous quarter and for the same period last year. However, after the news of the partnership, GameStop’s stock jumped more than 11% in over-the-counter trading. Investors are optimistic about the company’s new relationship in the crypto space.

New Course GameStop

The company recently formed new management and hired ex-Amazon CEO, Matt Furlong. The retailer plans to completely revamp its business, adapting it to digital shopping and Web 3.0. 

In July, GameStop launched an NFT marketplace on the Ethereum blockchain (in beta so far). True, against the backdrop of a bear market, the profitability of the site leaves much to be desired. Despite a successful start, the marketplace’s daily income gradually fell below $4,000.

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