A major partnership between the FTX exchange platform and GameStop. Gamestop, a company specializing in the distribution of video games and electronic equipment, has announced its association with the FTX cryptocurrency exchange platform. We will see what are the stakes of this agreement between these two giants.
What does this collaboration consist of?
This partnership aims to introduce Gamestop customers to the FTX community . They will thus be able to invest in the markets offered by the platform and its digital assets.
The two big firms will also collaborate on new online marketing projects in addition to proposing new commercial initiatives. For example, Gamestop will offer FTX gift cards in some of its stores. Finding these products in stores will contribute to the democratization of crypto. Of course the FTX exchange platform will benefit from great visibility in addition to attracting new customers.
For the duration of the partnership (which has not been disclosed), Gamestop will be the primary retail partner for the FTX platform in the United States. Today, the financial terms of the partnership were not disclosed.
Gamestop and FTX, two companies in difficulty?
FTX is in the crosshairs of the American Congress which seeks a legal qualification of crypto-assets. Indeed, in a letter the congress asks if crypto-currencies should be defined as commodities, financial securities or both?
It is also important that exchange platforms like FTX clarify what solutions are in place in case of frauds or hacks. He also wonders about the compensation mechanisms provided by the different platforms in case of concern.
So many legitimate questions in a universe that is still young and subject to recurring hacks and scams.
FTX must show its paws and undertake a real anti-fraud policy if it wants to find lasting stability.
Another black spot for the FTX exchange platform is the value of its token which continues to decline . It is now at 25.34 € while at its ATH (All Time High) peaked at 67.58 €. In addition, the token suffered a very disappointing month of August, losing nearly €5 of its value.
FTX token value in the last 30 days
For the past month, Gamestop's share price has been crashing, in fact, it has plummeted 44.6%.
CNBC reported that GameStop's total video game and electronics sales fell to $1.14 billion , while its losses hit $108 million in the fiscal second quarter that ended May 30. last July.
GameStop stock value over the last month
A reversing downtrend?
However, after the partnership announcement, the value of Gamestop shares seems to have risen drastically as it has jumped 9.57% in the last 24 hours. The price of Gamestop should continue to climb in the coming days following the announcement of this agreement. Investors can only rejoice in the partnership with FTX after a disastrous month.
In addition, the American video game retail giant announced on July 15 its entry into web3 .
Gamestop has released 236 NFTs on its beta version of its application. Users, through their GameStop Wallet, can buy, sell or trade NFTs. No less than 100 million dollars in tokens have been invested by Gamestop and its partner Immutable X.
Despite this, we have not seen a positive effect for the giant of the sale of American video games. Its course has only stagnated throughout the summer.
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