FTX.US Forms Partnership with GameStop to Drive Crypto Adoption
Traditional video game company with close ties to crypto GameStop (GME) is partnering with exchange FTX.US to foster interaction between the gaming and crypto communities.
After the information was released, GME shares increased by nearly 10%. For the quarter ended July 30, GameStop reported revenue of $1.14 billion, compared with analyst estimates of $1.27 billion. The company also reported an adjusted net loss of $0.36 per share, better than analysts' expectations of $0.42 per share. In fact, FTX and GameStop have formed a close relationship before, during a period when GME stock was heavily "inflated" by the community group r/Wallstreetbets (WBS) on the Reddit forum. r/Wallstreetbets brought down a series of Wall Street giants in early 2021, FTX was the “pioneer” crypto exchange to list GME at the time.
However, continuing to strengthen the partnership with GameStop has once again proved that FTX is setting great ambitions in business areas outside of crypto, especially securities. As evidenced by the fact that FTX "opens" stock trading and ETFs to all US users, CEO Sam Bankman-Fried acquired 7.6% shares of Robinhood and acquired Embed Financial to add more specialized tools. service for this field.
However, the interesting thing in common between GameStop and FTX is that it is probably easy to see that both companies are quite significantly "involved" in the "pumping" problem. If the GameStop story has been proven in the past, then FTX and the Alameda Research foundation also “own” their own “gold” track record in the crypto industry. But this is also what the CEO of Binance has "reminded" to the community in August 2022.
Therefore, through the data just presented, it is highly likely that the latest progressive combination will create conditions for the two sides to "reciprocate" support according to the above assumption is very high when ambitious. The expansion of both in different markets is obvious and they are the ones who understand the "deepest" strengths in their own game.
Crypto Fox News summary
Sep 08, 2022