GameStop’s stonk market era now includes selling gift cards for crypto exchange FTX

GameStop is doubling down on crypto, and as part of its growing expansion into blockchain technologies, it announced a new partnership with crypto exchange FTX on Wednesday.

The two companies didn’t give too many details about what the partnership will actually mean, but they did share some information. According to a press release“The partnership aims to introduce more GameStop customers to the FTX community and its marketplaces for digital assets.”

A tangible aspect of the partnership is that GameStop will start offering FTX gift cards at “select stores”. GameStop is also FTX’s “preferred retail partner” in the US, which might suggest that FTX will sell other types of products to GameStop at some point.

The partnership comes on the heels of GameStop’s head-first dive into crypto, which has so far included the launch of its own NFT marketplace and crypto wallet. The company also recently laid off staff, and in a note to employees about the cuts, CEO Matt Furlong highlighted the company’s blockchain group. in the very first sentence.

By partnering with FTX, GameStop seems to be signaling that it’s still serious about crypto – but the alliance could also help both companies as they try to navigate the so-called crypto winter. As digital asset prices plunged earlier this year, FTX CEO and co-founder Sam Bankman-Fried tried to bail out some struggling crypto companies like Voyager and BlockFi, despite recently saying that these investments had “mixed” results.

GameStop isn’t the only company to recently partner with FTX; Reddit also partnered with the crypto exchange, while FTX spent heavily on ads during the Super Bowl and sponsored various sports teams/leagues in an effort to boost its visibility. Last year, FTX paid $135 million to rename Miami Heat’s American Airlines Arena to FTX Arena, long before signed a $700 million deal for naming rights to the LA Lakers home ground, formerly known as Staples Center.