GameStop doubles down on crypto in new partnership with FTX US

After launching an NFT marketplace and wallet with the help of Immutable X, GameStop continues its push into crypto following a partnership with FTX.

Gaming retailer GameStop is partnering with US crypto exchange FTX US to attract more customers to crypto and work together on online marketing initiatives.

In a Sept. 7 statement, the game retailer noted that the new partnership would introduce GameStop customers to the FTX ecosystem, including its marketplaces for digital assets, while seeing the retailer become the " FTX's preferred retail partner in the United States". ”

The partnership will also see select GameStop retail stores offering FTX gift cards. As of August 31, there were 2,970 GameStop stores in the United States.

In his second quarter earnings call, GameStop CEO Matt Furlong said the new deal is about establishing something "unique" in the retail space.

The deal we just announced with FTX is a by-product of our commerce and blockchain team, working hand-in-hand to establish something unique in the retail world.< /p>

GameStop did not disclose the financial terms of the partnership in its statement.

News of the new partnership came the same day GameStop released its financial results for the quarter ended July 30, 2022.

Although GameStop reported a nearly 4% drop in net sales to $1.14 billion in the quarter, GameStop shares managed to rise nearly 12% in after-hours trading closing after the announcement, reaching $26.84 per share.

GameStop has significantly ramped up its Web3 efforts this year after unveiling an NFT and Web3 games division in January, as well as launching its NFT Marketplace on July 11 in partnership with scaling solution Ethereum (ETH ) Immutable X.