GameStop Partners With Crypto Exchange FTX: What You Need To Know

Major video game retailer GameStop Corp. GME has partnered with cryptocurrency exchange FTX to bring more customers to the digital asset space.

What Happened: GameStop and FTX announced the partnership in a Wednesday press release. The terms of the deal were not disclosed.

“The partnership is intended to introduce more GameStop customers to FTX’s community and its marketplaces for digital assets,” GameStop said in a statement.

FTX is a digital currency exchange, founded by Sam Bankman-Fried, which primarily offers trading in Bitcoin BTC/USD, Ethereum ETH/USD, Dogecoin DOGE/USD and a host of other cryptocurrencies.

The deal will also see GameStop and FTX collaborate on new e-commerce and online marketing initiatives. In addition, GameStop will carry FTX gift cards in select stores and the video game retailer will be FTX’s preferred retail partner in the U.S.

GameStop’s L2 NFT marketplace was launched in July and has already climbed the ranks in terms of trading volume across decentralized non-fungible token marketplaces. On its opening week, GameStop’s NFT marketplace saw $7.2 million in trading volume, outpacing Coinbase Global Inc.’s COIN all-time NFT trading volume at the time, as per data compiled by CoinDesk.

GameStop shares soared 13% in after-hours trading after reporting second-quarter results. Although the firm reported second-quarter revenue of  $1.136 billion, which missed a Street estimate of $1.27 billion, the firm highlighted the $233.2 million in sales from its growing collectibles category, which had grown from $177.2 million in the same period last year.