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GameStop and FTX US are partnering up for more customers

GameStop
GameStop

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GameStop is teaming up with US cryptocurrency exchange FTXUS to introduce more clients to cryptocurrency and collaborate on digital marketing projects.

FTX is a simple cryptocurrency transfer that allows you to purchase, distribute, and store Ethereum, Bitcoin, or other virtual currencies and virtual products like NFTs. It is a newly designed, US-regulated cryptocurrency transfer from the bottom up. According to their webpage, their vision is to expand the virtual currency environment. They hope to emerge as the top US virtual currency platform within the next two years.

The video game retailer stated in a declaration on the 7th of September that the new alliance will bring GameStop’s clients to FTX’s environment, along with its online markets for digital products, while also making GameStop FTX’s massive retail companion in the US.

As part of the agreement, specific GameStop retail locations will sell FTX gift vouchers. As of August 31, there were 2,970 GameStop locations in the United States.

During the company’s second-quarter earnings report, Matt Furlong, GameStop’s CEO, stated that the new partnership aims to create something distinctive in the commercial space.

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The agreement they just revealed with FTX seems to result from their business and crypto teams collaborating to create something new in the retailing business.

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In its declaration, GameStop didn’t reveal the financial details of the alliance. The announcement of the partnership deal coincided with the official launch of GameStop’s financial statements for the latest quarter of this year.

Despite revealing an almost 4% decrease in net revenues to $1.14B in the quarter, GameStop stock rose by almost 12% in after-hours transactions, achieving $26.84 per equity.

Pushing for crypto

After announcing a Web3 and NFT video game section last January, GameStop had already significantly increased its Web3 attempts this year, including the July 11 release of its NFT market system in collaboration with Ethereum (ETH) leveling solver Immutable X.

During the quarterly report, Furlong stated that the release of its market system endorses GameStop’s long-term expansion in the virtual currency, NFT, or Web3 video game lines of business. They anticipate it will become highly relevant to video game players and hoarders.

The platform seems to be Ethereum’s Layer 2-based non-custodial e-commerce platform. Users can link their virtual asset wallets, such as the newly introduced GameStop Wallet.

GameStop reported that sales related to digital gems totaled $223.2M in the third quarter, a roughly 26% increase over the previous year’s revenue of $177.2M.

Since its inception, the platform has witnessed an overall $21.26M exchanged per. Since its release, operation on the market system has slowed considerably, just with a $922,350 value of account activity during the last week.

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