GameStop strikes new partnership with FTX US

GameStop has announced that the company is teaming up with FTX US to consolidate its presence in the cryptocurrency industry.

This follows a similar announcement in March this year, when the beleaguered company said that it would be exploring NFT and blockchain in a more serious capacity.

The financial terms of the partnership were not immediately available at the time of reporting, but the company will start selling FTX gift cards in its retail network at select venues.

GameStop is also building a dedicated marketplace where consumers can buy, sell and trade NFTs, following a well-established trend.

“The FTX partnership is unlikely to yield meaningful revenue or profit, but it sounds good, so that’s a positive”, said Wedbush analyst Michael Pachter, offering his insight into what the partnership could mean for the company.

GameStop made big waves after the short-selling fiasco that left investors devastated because of Redditors rallying to back the company’s stock.

However, after the initial zeal subsided, the company’s retail business model is once again on the ropes, with retail sales dropping, buffeted not only by the pandemic but also the fact that many consumers are switching to digital purchases.

Gamestop has not yet found a foothold through blockchain. The company removed its chief financial officer Michael Recupero during the second quarter, signaling to investors that trouble continues to beset the company. That feeling was compounded by the announcement of further layoffs.

Blockchain and crypto are unlikely to immediately turn the fortunes of the company’s short to mid-term outlook.

In the meantime, you can use cryptocurrencies to enjoy yourself at place such as 1xBit, Bitcasino or FortuneJack.

Looking for your next crypto casino? Check out: Bitcasino, 1xBit or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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