According to a press statement, FTX will collaborate with GameStop (GME). The parties will collaborate to increase GameStop customers’ interest in cryptocurrency and onboard them into the FTX ecosystem.
GameStop is an American network of retail technology stores. In 2020 and 2021, when its stock price saw a big bull run, the publicly listed corporation achieved fame in the financial industry.
Midway through 2021, the share price was about $5, and price discovery occurred that year, Rising the share price to a new all-time high of $100. Both firms surged on the strength of a trading action supposedly organized by an organization of regular investors.
Since the beginning of the bull market, both organizations have been exploring methods of recruiting new clients and merging with the cryptocurrency industry. Therefore, the new agreement between FTX and GameStop is a step in this direction.
As stated in the news release: The partnership aims to attract more GameStop consumers to FTX’s digital asset markets and community. GameStop will start selling FTX gift cards at a small number of locations, and the two companies will collaborate on new e-commerce and internet marketing projects. Not mentioned are the financial details of the relationship.
As the cryptocurrency industry declines, big exchange platforms have been actively pursuing Mergers and Acquisitions. FTX has been at the forefront of the effort by participating in agreements and rescuing crypto firms from financial difficulties.
FTX CEO Sam Bankman Fried is quoted as saying the results of these initiatives have been “mixed” by Bloomberg. Executives stated: I believe that some will prove to be successful, while others will not. We had to make hasty decisions.
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