FTX And GameStop Partnership To Focus On Crypto Adoption

FTX US, the U.S. arm of the popular crypto exchange FTX, has entered into a partnership with the American video game, consumer electronics and gaming merchandise retailer GameStop.

The deal brings the popular meme stock from 2021 closer to FTX US as they both aim to bridge the gap between the gaming and crypto industries, according to a statement.

The partnership is also intended "to introduce more GameStop customers to FTX's community and its marketplaces for digital assets." While the two firms will work on new marketing and e-commerce initiatives, GameStop will now also carry gift cards related to FTX US in selected stores.

The statement also confirmed that in the longer run, GameStop will be FTX's "preferred retail partner in the United States." However, the financial details of the partnership remain undisclosed.

GameStop Corp. (GME) stock was up by 11.65% during the after hours trading at 07:59 p.m. ET, as per Yahoo Finance data. The price of the stock has gone down by almost 50% in the last six months. GME was priced at $47.40 on March 28, but now it is down to $26.84.

Meanwhile, FTX has been actively expanding despite the current bearish market and shows no signs of stopping. The CEO of the exchange, Sam Bankman-Fried, popularly known as SBF, has been investing heavily to emerge as an industry giant following the bear market.

It was previously reported that executives at the crypto exchange have donated money to both Democrats and Republicans and that SBF confirmed that he's ready to donate a sum ranging from $100 million to $1 billion in the 2024 presidential candidate race.

Recently, SBF also talked about the liquidity crisis that many crypto firms are facing, adding that he still has money to bail out a promising firm if needed. He stated that many firms have significant holes in their balance sheets, making them impossible to salvage.