After failing to reach an acquisition agreement with Binance, FTX shockingly filed for bankruptcy today. The decision will affect many of FTX’s collaborations, and at least one major one has already shared its plans for the future.
JUST IN: GameStop $GME ends partnership with FTX and announces full refunds for customers who purchased gift cards.
— Watcher.Guru (@WatcherGuru) November 11, 2022
GameStop has stated that it is severing relations with FTX only two months after the two companies formed a partnership to better integrate GameStop into the crypto realm. This was announced on GameStop’s NFT Twitter page. GameStop now sells gift cards redeemable on the FTX bitcoin trading platform as part of a relationship that began in September. Moreover, those who have already bought them may get their money back.
GameStop is winding down its relationship and pilot gift card marketing partnership with https://t.co/xqiz4RtKEP and will be providing full refunds to impacted customers. Please reach out to customer service if you purchased a gift card.
— GameStopNFT (@GameStopNFT) November 11, 2022
GameStop’s swift response came after this morning’s publication of FTX’s Chapter 11 bankruptcy petition. This, of course, follows the widespread selling of FTT after FTX tried and failed to sell its non-US businesses to Binance due to worries about the exchange’s liquidity.
Further, Sam Bankman-Fried, the CEO of FTX, delivered a statement yesterday in which he expressed regret for leading the firm into its current condition. A collaboration with GameStop is only one of the many high-profile ones that FTX made when it was still in the running to be the best cryptocurrency exchange. Watching how the other partners react in the next few days and weeks will be fascinating.