announces FTX as a retail partner in the US

Gamestop, a retail gaming company, announces a partnership with FTX exchange to introduce the exchange to its customers. FTX will be the official retail partner for Gamestop in the US.

Gamestop recently shared their 3rd quarter performance report stating a sales decline compared to last year's quarterly report. In other words, the company only earned $1.14 billion this quarter.

2022 hasn’t been a good year for Gamestop. Even after the company announced it would be launching an NFT marketplace, the team has been unable to recover its losses and ended up in scandals instead.

Furthermore, the company also released a Gamestop wallet that users could use to buy, sell, and trade NFTs on the NFT platform. However, it wasn’t as successful as expected.

This led to massive employee layoffs and the CFO Mike Recupero was also fired from his position; replaced by Diana Jajeh, previously an accounting chief at the company.

Now, Gamestop is partnering with FTX to improve its approach to the Web3 world. The company will introduce FTX exchange and its marketplaces for NFTs and other digital collectibles to customers.

“In addition to collaborating with FTX on new ecommerce and online marketing initiatives, GameStop will begin carrying FTX gift cards in select stores,” 

the official statement reads.

“Our path to becoming a more diversified and tech-centric business is one that obviously carries risk and will take time,” Jajeh said.

Gamestop has already spent a massive amount of money on the NFT marketplace and the crypto wallet launch; it now needs to recover those funds to stay relevant in the gaming industry.

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