FTX selects GameStop as retail partner in the US

GameStop has revealed a new partnership with FTX US targeted at introducing its customers to “FTX’s community and marketplaces for digital assets,” according to a Sept. 7 press release.

According to the press release, certain GameStop retail stores would carry FTX gift cards, adding that it is “FTX’s preferred retail partner in the United States.”

The press statement did not reveal the financial details of the partnership.

CNBC reported that the video game, consumer electronics, and gaming merchandise retailer’s video game total sales dropped to $1.14 billion, while its losses rose to $108 million during the second fiscal quarter ending July 30.

Meanwhile, GameStop’s shares rose by around 10% following the news about this new partnership.

GameStop has been attempting to pivot its businesses into the web3 space by introducing a digital asset wallet that allows users to receive and send crypto and NFTs. The firm also launched its NFT marketplace project on July 11.

GameStop was also affected by the current economic condition as it laid off staff “to save the company.”

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