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cryptocurrency exchange FTX collaborates with Gamestop for the e commerce and online initiatives

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Joyashree Dey Follow

INDIA

Sep, 12 2022

Sep, 12 2022

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On September 7, in a press release, GameStop Corp. announced that the company formed a new partnership with FTX US to collaborate on new e-commerce and online marketing initiatives. 


The partnership is pointed toward presenting more GameStop “customers to FTX’s community and its marketplaces for digital assets,” the companies said in the official statement. FTX will choose GameStop as their retail partner in the U.S. The announcement further reads that GameStop will start carrying FTX gift cards at select stores. Any specific financial terms between both of partners were not disclosed yet. 


GameStop is not an unknown name in the digital asset space. The company launched an NFT marketplace in July along with its own wallet for NFTs and cryptocurrencies. 


The declaration comes soon after Gamestop posted its Q2 results where the organization revealed a $1.136 billion in net sales, down by 4% compared to last year. Additionally, it lost $108.7 million during the quarter, 43% more than it lost during the same period last year. 


Regardless of this, GameStop stocks went up in after-hours trading, likely owing to the FTX partnership announcement. However, the truth will come out eventually if the agreement with the crypto exchange will incite GameStop stocks to imitate a comparative way of behaving behavior as the year before. 


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Joyashree Dey

CBW - External Analyst

INDIA

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