FTX Exchange Partners With GameStop to Intertwine Crypto, Gaming Communities

While FTX is among world’s biggest crypto exchanges, GameStop was founded back in 1984 and has a current market cap of $7.32 billion (roughly Rs. 58,300 crore).

Written by Radhika Parashar, Edited by Richa Sharma | Updated: 8 September 2022 13:22 IST

FTX Exchange Partners With GameStop to Intertwine Crypto, Gaming Communities

Photo Credit: Reuters

The financial terms of the partnership have not been disclosed by either company

Highlights

FTX aims to drive crypto adoption
GameStop has been foraying into the Web3 sector
GameStop recently launched its NFT marketplace

Video gaming, some years ago, emerged as one of the first sectors to have accepted the new-age technologies of blockchain and crypto. Now that the global fintech industry is considering the potential of cryptocurrencies, FTX crypto exchange has decided to play its role in driving more crypto adoption. The US-base exchange has partnered with GameStop to promote the relationship and interaction between the crypto and the gaming communities. This video gaming firm was founded back in 1984 and has a current market cap of $7.32 billion (roughly Rs. 58,300 crore).

As part of their partnership, the companies will promote e-commerce and marketing initiatives for each other.

GameStop retail stores, for instance, will now start carrying FTX gift cards that will allow holders to explore the crypto sector. FTX, on the other hand, is giving GameStop the label of its ‘preferred' retail partner across the US.

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“The partnership is intended to introduce more GameStop customers to FTX's community and its marketplaces for digital assets,” said a press release from GameStop.

The financial terms of the partnership have not been disclosed by either company.

This partnership with FTX is GameStop's second significant step towards its venture into the Web3 sector.

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Earlier this year, the video game retailer launched its NFT marketplace dedicated to the gaming community. The shopper's stop for game-based digital collectibles had opened to $7.2 million (roughly Rs. 57.30 crore) in its first weekly sales.

Meanwhile, FTX is trying to participate in driving the crypto culture, as much as possible.

A KPMG report recently revealed that FTX has been the third-largest investor in crypto start-ups this year, so far. In the first-half of 2022, FTX has already poured in $500 million (roughly Rs. 4,000 crore) into the sector.

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Further reading: Cryptocurrency, Game, FTX, GameStop

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More