GameStop Teams up with Crypto Exchange FTX

Video-game retailer GameStop (GME) is teaming up with the U.S. branch of Sam Bankman-Fried led cryptocurrency exchange FTX to further develop the integration of gaming and crypto.

According to a press release on Wednesday, the leading crypto exchange and the subject of the meme-stock hyper in 2021, GameStop, will jointly promote e-commerce and marketing initiatives. Exact terms of the agreement were not disclosed.

Following the deal, GameStop is given the title of FTX’s “preferred” retail partner in the U.S and certain retail stored will have FTX gift cards available to purchase.

On July 11, GameStop’s long anticipated NFT marketplace went live, beating competitor Coinbase’s all-time NFT volume in just its opening week.

GameStop stock jumped almost 10% after the news came out, which coincided with the retailer’s Q2 earnings report recording revenue of $1.14 billion, slightly less than analyst estimates of $1.27 billion.