Video game retailer GameStop has announced a partnership with the US subsidiary of FTX, one of the most popular cryptocurrency exchanges around the world. The move comes right on the heels of GameStop launching an NFT marketplace and a crypto wallet in collaboration with Immutable X.
GameStop’s partnership with FTX US adds to the video gamer retailer’s push into crypto. The FTX US deal in particular will focus on online marketing initiatives. The partnership will introduce GameStop’s customers into the FTX ecosystem which includes its digital assets marketplace.
On the other hand, GameStop will become FTX’s preferred partner in the US.
GameStop retail stores to carry FTX gift cards
The partnership will also allow certain GameStop retail stores in the US to issue FTX gift cards.
While releasing its Q2 earnings report, GameStop CEO Matt Furlong said:
“The deal we just announced with FTX is a by-product of our commerce and blockchain team, working hand-in-hand together to establish something unique in the retail world.”
GameStop has however not disclosed the financial terms of the agreement in its earnings report.
GameStop financial results
The FTX US partnership was announced on the same day that GameStop was releasing its financial results for the second quarter of 2022.
The Q2 report shows that GameStop reported a 4% decline in net sales to 1.14 billion. Nevertheless, GameStop has significantly ramped up its Web3 efforts this year unveiling an NFT, NFT marketplace, a wallet, and a Web3 gaming division.
GameStop’s NFT marketplace is a non-custodial Ethereum Layer-2-based marketplace that allows users to connect their own crypto wallets including the recently launched GameStop wallet.