According to a press release, crypto exchange FTX will partner with GameStop (GME). The partners will cooperate to gain the interest of GameStop clients for cryptocurrencies, and onboard them into the FTX ecosystem.
GameStop is a chain of retail technology shops in the United States. The publicly traded company gained notoriety in the finance world in 2020 and 2021 when the price of its stock entered a massive bull run.
The stock was trading at around $5 dollars in mid-2021 and entered price discovery later in that year taking the stock to a new all-time high above $100. Something similar happened with AMC Theaters (AMC), both companies rallied on the back of a trading movement allegedly led by a group of retail investors.
Since the bull run both companies have been looking into ways of attracting new customers and integrating with the crypto space. The new partnership between FTX and GameStop since to be a step in that direction.
According to the press release:
FTX Expands During Crypto Bear MarketThe partnership is intended to introduce more GameStop customers to FTX’s community and its marketplaces for digital assets. In addition to collaborating with FTX on new ecommerce and online marketing initiatives, GameStop will begin carrying FTX gift cards in select stores. During the term of the partnership, GameStop will be FTX’s preferred retail partner in the United States. The financial terms of the partnership are not being disclosed.
As the crypto market trends to the downside, major exchange platforms have been working hard on their Mergers and Acquisitions. FTX has been leading the initiative by entering into deals and bailing out crypto companies in financial hurdles.
Per a report from Bloomberg, Sam Bankman Fried, CEO at FTX, believes the result from these efforts has been “mixed”. The executive said:
I think some were going to turn out to be profitable, some won’t be. We had to make snap judgment calls.
Bankman Fried claims that the exchange offered these deals to companies in financial distress as a way to “support” the crypto industry and not just “maximizing on deals”. At the time of writing, GME trades at $24 with a persistent downtrend on the weekly chart.
GME’s price trends to the downside on the 4-hour chart. Source: Tradingview
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