GameStop is doubling on cryptocurrency, announcing a new relationship with cryptocurrency exchange FTX on Wednesday as part of its ongoing push into blockchain technology.
The two organisations haven’t said much about the alliance, but they have shared a little information. “The relationship is meant to connect more GameStop consumers to FTX’s community and markets for digital assets,” according to a news statement.
One tangible facet of the collaboration is that GameStop will begin selling FTX gift cards at “certain shops.” GameStop is also FTX’s “preferred retail partner” in the United States, which might imply that FTX would offer additional types of items at GameStop in the future.
JUST IN: GameStop, $GME forms partnership with FTX crypto exchange.
— Watcher.Guru (@WatcherGuru) September 7, 2022
The Purpose of the Collaboration
The collaboration follows GameStop’s foray into cryptocurrency, which has so far involved introducing its crypto wallet and NFT marketplace. The firm has recently fired off workers, and in a statement notifying employees announcing the layoffs, CEO Matt Furlong mentioned the blockchain group in the opening phrase.
By working with FTX, GameStop appears to be demonstrating that it is still committed to cryptocurrency — but the collaboration might also benefit both firms as they strive to survive the crypto winter. As digital asset values fell earlier in the year, FTX co-founder and CEO Sam Bankman-Fried sought to help to fail crypto startups like BlockFi and Voyager, albeit he recently said that such investments had “mixed” effects.
Reddit, like GameStop, has also recently collaborated with FTX.. FTX has spent heavily on advertisements during the Super Bowl and sponsored numerous sports teams/leagues to enhance its popularity.