Sunday, June 4, 2023
HomeBusinessGameStop partners with FTX as losses widen

GameStop partners with FTX as losses widen

This deal will allow GameStop to offer FTX gift cards at select stores.

Key Points

      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.

    • This deal is designed to drive GameStop users to FTX; GameStop will offer FTX gift cards at select stores.

    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.

Information on or accessed through this website has been obtained from independent sources that we believe are accurate and reliable, but Decentral Media, Inc. No representations or warranties are made as to timeliness, completeness or accuracy. Decentral Media, Inc. is not an investment advisor. We do not provide personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be out of date, or may be incomplete or inaccurate. We may, but are not obligated to update any outdated, incomplete or inaccurate information.

You should never make any comments on ICOs, IEOs or other Investment makes an investment decision and you should not interpret or otherwise rely on any information on this website as investment advice. If you are seeking investment advice regarding an ICO, IEO or other investment, we strongly recommend that you consult a licensed investment advisor or other qualified financial professional. We do not accept compensation of any kind for analysis or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sale, security or commodity.

View full terms and conditions.

FTX suspends the deposit and withdrawal of Ethereum Merged, FTX supported…

Users of the leading cryptocurrency exchange FTX will not be able to withdraw or deposit anything on the platform at least ETH or ERC-20 token Ethereum 30 minutes…

FTX Pausing Ethereum Deposits and Withdrawals for Merge, Supporting Fo...

FTX’s Sam Bankman-Fried to visit the White House in May


According to visitor logs, FTX CEO Sam Bankman-Fried and other exchange staff visited the White House in May. FTX CEO and others visit the White House FTX staff visit the White House…

FTX denies any plans to acquire Huobi


August 29, 2022

Major cryptocurrency exchange FTX has no plans to acquire Huobi, according to a recent statement from the company’s CEO. FTX says it won’t buy Huobi FTX says it will…

FTX Pausing Ethereum Deposits and Withdrawals for Merge, Supporting Fo...



Please enter your comment!
Please enter your name here


Featured NEWS