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FTX and GameStop enter into promising partnership

 


GameStop Corp. announces a partnership with FTX US. While the exchange could benefit from expanding into retail, the retail company is hoping for support for its plans for the crypto world.


FTX and GameStop plan joint e-commerce and online marketing initiatives . A statement on the Gamestop website specifically highlighted GameStop's plans to offer FTX gift cards in some stores.


However, the financial terms of the partnership will remain confidential for the time being.


FTX could offer retail digital products

The collaboration is an important step for FTX US. In the past month, the exchange has already listed hundreds of companies to diversify their product portfolio from virtual currencies to traditional assets. FTX could benefit from this partnership by offering a range of proprietary products at GameStop stores . Be[In]Crypto previously reported that Sam Bankman-Fried, CEO of FTX, and his regulatory team met with White House policy adviser Charlotte Butash. The company is also currently expanding overseas.


As early as last year, Gamestop indicated its entry into the crypto industry by posting a vacancy for a security analyst with experience in crypto and NFTs . The deal with FTX follows GameStop's early forays into the NFT space. In June, the company first released a wallet for digital assets. Notwithstanding the general market downturn, an NFT marketplace followed in July.


Although GameStop is best known for selling games in physical form, the retailer released a beta version of its own wallet as a browser plugin in May . This allows users to trade and hold NFTs and a variety of cryptocurrencies. Since the wallet can connect to NFT marketplaces and is available as browser extensions, it now competes with Metamask.


GameStop cuts costs yet reports losses in Q2

In July, GameStop unveiled an aggressive strategy to cut excessive costs and invest more in digital development. The company fired its chief financial officer, Mike Recupero, and cut staff.


On September 7th, Gamestop reported a decline in quarterly sales and increased losses . CEO Matt Furlong noted in a conference call with investors, “Obviously, our journey to becoming a more diversified and technology-focused company involves risk and will take time. Still, we believe GameStop is a much stronger company than it was 18 months ago."


The company's total revenue fell from $1.18 billion to $1.14 billion from the second quarter (Q2) of last year to Q2 of this year. Losses also jumped to $108.7 million this year from $61.6 million last year .


At the end of the quarter, the company had $908.9 million in cash and cash equivalents, while inventory values ​​increased to $734.8 million.


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