GameStop Refunds To Users And Terminates Its Partnership With FTX.US
Video game retailer GameStop (GME) plans to end its pilot gift card marketing partnership with FTX.US, after the crypto exchange filed for bankruptcy protection.
FTX declared bankruptcy earlier today after failing to complete an acquisition with Binance. This move will have a massive effect on FTX’s numerous partnerships, and one remarkable partner has already supplied a notification on what’s to come. Only two months after partnering with FTX to further implement GameStop into the crypto world, it has publicly stated that it is severing ties.
GameStop announced the news on its official Twitter account for the company’s NFT division.
GME started carrying gift cards to the cryptocurrency exchange platform as a component of the FTX and GameStop partnership, which began in September. It will now provide refunds to those who bought them.
The Video game retailer reacted quickly to the news of FTX’s Chapter 11 bankruptcy filing this morning. This arises after FTX attempted and failed to sell its non-US operations to Binance after doubts about the company’s liquidity were raised, resulting in a mass sell-off of FTT. FTX CEO Sam Bankman-Fried issued an apology statement yesterday, apologizing for putting the company in this position.
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