Video game retailer GameStop (GME) collaborated with FTX.US to promote interaction between the crypto and gaming communities. The two companies will support online sales and marketing initiatives, and some GameStop retail locations will offer FTX gift cards, according to the released statement.
FTX’s chosen retail partner in the United States will be GameStop for the duration of the collaboration. Financial details of the arrangement are not being made public. Following the announcement and the publication of its fiscal Q2 earnings, GameStop’s stock increased by more than 10%. In contrast to the $1.27 billion consensus analyst projection, FactSet reports that the company’s revenue for the three months ending July 30 was $1.14 billion.
GameStop was at the epicentre of a trading frenzy last year that was sparked by social media and sent its shares surging. Since then, the business has made major management changes in an effort to turn around years of stagnant sales, and it has been enhancing its e-commerce capabilities as the pandemic’s increase in online sales.
In an attempt to revive retail interest in its shares, the company fired Chief Financial Officer Michael Recupero and proposed a four-for-one stock split. However, GameStop’s numbers come at a time when video game firms are suffering a drop in demand from historic highs, prompting concerns about their capacity to weather an economic downturn.