September 24, 2023

GameStop Now FTX’s Retailer Partner In The United States

According to reports, FTX US and GameStop Corp have entered into a new partnership. This new partnership will grant GameStop users access to FTX’s digital asset marketplaces and community. 

GameStop Will Now Stock FTX Gift Cards

The report stated that Gaming would work with the exchange firm on online marketing and eCommerce initiatives. Also, some of its shops will now have FTX gift cards.

However, both parties did not give much information on the financial conditions of the deal. Meanwhile, this deal is a milestone for the FTX exchange. 

Last month, the company listed several firms as it moved to diversify its portfolio from digital assets to traditional assets. Therefore, this partnership could signal the company’s journey to becoming a seller on GameStop.

According to Be[In]Crypto, the CEO of the company, Sam Bankman-Fried, met with Charlotte Butash, the policy advisor of the White House. Last year, GameStop posted a job vacancy for the post of security analyst with knowledge of NFTs and crypto. 

In July, the company launched an NFT market after launching a crypto asset wallet in June. The crypto market decline did not deter the company from investing in the crypto sector.

The company known for selling various physical games introduced the crypto wallet as a plugin for browsers. This would allow users to trade, sell, hold, and buy NFTs and other cryptocurrencies. 

The wallet even competed with the famous wallet service provider, MetaMask. MetaMask can connect directly to NFT marketplaces.

GameStop’s Quarterly Sales Dropped In Q2 2022

In July, the gaming retailer seller said it has worked out a strategy to invest in digital while cutting excess costs. At the time, the company removed Mike Recupero, the company’s CFO, and laid off some workers.

On September 7th, GameStop said its quarterly sales had reduced. Matt Furlong, the CEO, said the company is on the path to becoming a tech-centric business and diversified economy.

Hence, Furlong believes the firm will come across some difficulties and challenges. Meanwhile, the CEO acknowledged that the company has grown in the past 18 months.

In Q2 2021, the total sales of the company were over $1.18 billion. However, as of Q2 2022, the figure has declined to about $1.14 billion. 

Also, the company’s loss in 2021 was over $61.6 million. Unfortunately, the loss in 2022 is currently at about $108.7 million. At the end of the last quarter, GameStop had cash equivalents and cash of approximately $908.9 million.

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