GameStop Boosts Crypto Efforts by Partnering while FTX US

Gaming retailer GameStop is partnering with United States crypto exchange FTX US to bring more customers to crypto and work together on online marketing initiatives.

The new partnership will introduce GameStop customers to the FTX ecosystem, including marketplaces for digital assets, while also making the retailer FTX's "preferred retail partner in the United States," the gaming retailer said in a statement on September 7. FTX gift cards will also be available at select GameStop retail stores as part of the partnership. As of August 31, there are 2,970 GameStop stores across the United States. GameStop CEO Matt Furlong said on the Q2 earnings call that the new deal aims to create something "unique" in the retail space. The deal we announced with FTX is a byproduct of our commerce and blockchain team working hand-in-hand to create something unique in the retail space. GameStop did not disclose the financial terms of the partnership in its statement. News of the new partnership came on the same day that GameStop announced its financial results for the quarter ended July 30, 2022. Despite GameStop reporting that net sales for the quarter fell nearly 4% to $1.14 billion, GameStop shares jumped nearly 12% to $26.84 per share in after-hours trading following the news. GameStop has significantly ramped up its Web3 efforts this year after launching its NFT and Web3 gaming division in January and launching its NFT marketplace in partnership with Ethereum (ETH) scaling solution Immutable X on July 11. Furlong stated during the earnings call that the launch of the marketplace "supports GameStop's pursuit of long-term growth in the cryptocurrency, NFT, and Web3 gaming verticals," which they expect to become increasingly important to gamers and collectors. The marketplace is a "non-custodial, Ethereum Layer 2-based marketplace" that allows users to connect their own digital asset wallets, such as the recently launched GameStop Wallet. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!