This deal will allow GameStop to offer FTX gift cards at select stores.
Key Points
- This deal is designed to drive GameStop users to FTX; GameStop will offer FTX gift cards at select stores.
- GameStop has announced a partnership with the U.S. division of popular cryptocurrency exchange FTX.
This partnership will result in a marketing collaboration and will be GameStop FTX’s retail partner of choice.
Video game retailer GameStop Announcing a partnership with one of the most popular cryptocurrency exchanges, FTX.
GameStop and FTX form a partnership
GameStop and FTX join forces.
According to a press release issued on September 7, GameStop will partner with FTX, the US division of FTX .US forms a partnership.
The announcement only lists one specific course of action: game retailers will offer in select stores FTX Gift Card.
In addition, the two companies will cooperate in e-commerce and online marketing. During the partnership, GameStop will also be FTX’s preferred retail partner.
The deal is expressly designed to bring GameStop’s customers to FTX’s services and marketplaces . It’s unclear if FTX will advertise GameStop to its own customers.
Financial terms of the transaction will not be disclosed, according to today’s press release.
GameStop CEO Matt Furlong on earnings call on partnership is “a by-product of our commercial and blockchain teams”. The teams are “working together to build something unique in the retail world,” he added.
GameStop announces that the partnership has reported a financial loss. The company’s total sales fell from $1.183 billion in the second quarter of 2021 to $1.136 billion in the second quarter of 2022.
It also reported other losses. In the second quarter of this year, it posted a net loss of $108.7 million ($0.36 per diluted share). In the second quarter of 2021, it posted a net loss of $61.6 million ($0.21 per diluted share).
GameStop has been trying to make money by adopting cryptocurrencies, especially NFTs, in recent months. expand its business.
– The fungible token market on July 11. Despite months of anticipation, the market appears to have had only modest success: on September 7, it had just 759 daily traders with a daily volume of $113,000.
Despite the modest performance, Furlong said on today’s conference call that GameStop will continue to pursue “cryptocurrency, Long-term growth verticals for NFTs and Web 3.0 gaming.”
The gaming company It remains to be seen whether or not the latest partnership will help it achieve these goals.
Disclosure: At the time of writing At the time, the author of this article owns BTC, ETH, and other cryptocurrencies.
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