GameStop is partnering with FTX US to bring more customers to crypto and work together on online marketing initiatives.
The gaming retailer noted that the new partnership will introduce GameStop’s customers into the FTX ecosystem, including its marketplaces for digital assets, while also seeing the retailer become FTX’s preferred retail partner in the United States. The partnership will also see certain GameStop retail stores carrying FTX gift cards.
In its Q2 earnings call, GameStop CEO Matt Furlong said the new deal is aimed at establishing 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 released its financial results for the quarter that ended July 30, 2022. Despite GameStop reporting a nearly 4% decline in net sales to $1.14 billion in the quarter, shares in GameStop managed to rise nearly 12% in after-hours trading following the news, reaching $26.84 per share.
GameStop has significantly ramped up its Web3 efforts this year after unveiling a NFT and Web3 gaming division in January, as well as the launch of its NFT marketplace on July 11 in partnership with Ethereum scaling solution Immutable X.
