GameStop partners with crypto exchange FTX

Video game retailer GameStop announced a new partnership with crypto exchange FTX to introduce GameStop’s gaming customers to FTX’s own community and its marketplaces for digital assets.

The two companies will also collaborate in the development of new ecommerce and online marketing initiatives. GameStop will begin carrying FTX gift cards in select stores. GameStop is also named as FTX’s ‘preferred retail partner’ in the US, which hints at the possibility that FTX will sell other FTX products at GameStop in the future. 

The financial terms of the partnership were not disclosed yet.

Through the partnership, GameStop is signaling its interest in the crypto space. It also shows the gaming retailer’s determination to rise above the crypto bear market and its own sales decline which saw the company lose 35 cents per share in Q4, according to Refinitiv IBES data.

The company’s shares rose by 10% after the announcement. 

Photo: Getty