FTX Collaborates with Gamestop to Introduce Wall Street Investors to Crypto

In an official blog post released by Gamestop, FTX, the second most popular crypto exchange in the U.S, collaborates with popular game retailer Gamestop to improve the connection between crypto and gaming.

According to the post, the alliance aims to advocate Gamestop investors to the delirious world of the FTX community and its marketplace for digital assets.

During the second quarter earnings report call, Gamestop CEO Matt Furlong stated: “The deal we just announced with FTX is a by-product of our commerce and blockchain team, working hand-in-hand together to establish something unique in the retail world.”

The announcement comes just days after FTX said it would suspend deposits and withdrawals of Terra ClassicUSD (USTC) and Terra ClassicUSD (LUNC) as of September 12. Additionally, the crypto exchange would be parting ways with Protocol, delisting ANC and suspending ANC spots and futures.

Although the true nature of the Gamestop-FTX collaboration remains unknown, as part of the association, Gamestop is now FTX’s retail seller, where it will sell gift cards in select stores all over the U.S.

The announcement comes concurrently with Gamestop’s Quarterly net sales report. The company announced a 6 cents/share difference from the estimated loss of 42cents/share and revenue of $1.14 Billion. Often termed as a meme stock, Gamestop is struggling to make profits as the team reported a 36% decline in the year.

Gamestop shares make An Upward Move

Just after the second quarter report was released, Gamestop (GAME) shot up by more than 10%

Gamestop investors are in the hope of a new dawn as the game retailer is bringing in a new leadership board. Chewy.com founder and board chair Ryan Cohen and Amazon veteran CEO Matt Furlong plan to give the point-of-purchase game retailer a new epoch with the new relationships within the crypto space.

Gamestop, a stock that gained popularity through social media and memes, showed interest in digital assets and web 3.0 back in July when it launched a Beta NFT marketplace partnering with immutable X, which formed part of Gamestop’s ambitions for web 3.

Furlong said: “The launch of our NFT marketplace supports GameStop’s long-term growth in the cryptocurrency, NFT and Web3 gaming verticals, all of which we expect to be increasingly relevant for the collectors and gamers of the future.”

The firm experienced a $46 million profit in sales attributed to NFT collectibles.