Cryptocurrency

Gamestop Partners With FTX Crypto Exchange To Push Digital Asset Adoption

Shifting away from its “meme stock” frenzy as FTX also looks to expand its U.S. division through retail gaming marketing efforts.

Cryptocurrency

Gamestop Partners With FTX Crypto Exchange To Push Digital Asset Adoption

Shifting away from its “meme stock” frenzy as FTX also looks to expand its U.S. division through retail gaming marketing efforts.

GameStop (NYSE: GME) announced its newest partnership with the cryptocurrency exchange, FTX on Wednesday, September 7, to continue leading its customer base into the digital asset space.

As one of FTX’s “preferred partners” in the United States, GameStop will also begin selling FTX gift cards in select retail stores. With over 1 million users, FTX’s community will open its doors to GameStop’s gaming-oriented consumer base through new e-commerce and online marketing efforts.

FTX recently expressed its priority of expanding its user base, by attracting retail customers to help boost its U.S. division. FTX US reportedly generated less than 5 percent of the entire company’s $1 billion USD revenue in 2021.

The growing relationship between GameStop and FTX will hopefully assist both entities in navigating the current crypto market decline. By focusing attention on Web3 gaming expansion, GameStop is turning away from its “meme-stock” frenzy and proving the firm’s seriousness in utilizing blockchain-based technology.

This week’s partnership also comes as the company launched its own crypto wallet in May as well as its NFT marketplace in July. Following the announcement, GameStop’s stock rose nearly 10 percent — beating analysts’ estimates significantly.

FTX also further solidifies its position in the crypto market as the company grew its global mark through a variety of acquisitions, including a $240 million USD BlockFi bailout. The exchange recently collaborated with Reddit, introducing the platform’s users to crypto payments, which recently rewarded its most loyal users with free NFTs.

The firm takes pride in its low-cost trading fees which on average are less than 0.05% — compared to its competitor Coinbase, whose average ranges from 0.35% up to 3%.

Together, FTX and GameStop will work together in establishing a new relationship to support the retail industry with a unique Web3 approach.

In other crypto news, ENS domains are now OpenSea’s most traded asset.

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