FTX Chooses GameStop As Preferred Retail Partner In The US

GameStop has revealed a new partnership with FTX US. Some GameStop retail stores would carry FTX gift cards as the video game retailer eyes more users within the crypto space.

GameStop has revealed a new partnership with FTX US targeted at introducing its customers to “FTX’s community and marketplaces for digital assets,” according to a September 7 press release.

The press release states that some GameStop retail locations will sell FTX gift cards and calls GameStop “FTX’s preferred retail partner in the United States.”

The partnership’s financial information was not included in the press release.

According to CNBC, the retailer of video games, consumer electronics, and gaming accessories saw a decline in video game sales to $1.14 billion and an increase in losses to $108 million during the second fiscal quarter that ended on July 30.

Following the announcement of this new relationship, GameStop’s shares increased by nearly 10%.

By releasing a digital asset wallet that enables customers to accept and send cryptocurrency and NFTs, GameStop has been aiming to shift its businesses into the web3 realm. On July 11, the company also debuted its NFT marketplace project.

The current state of the economy has an impact on GameStop as well, since it had to lay off employees “to rescue the firm.”

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