GameStop (GME) To End FTX Partnership, Will Refund Crypto Gift Card Purchases

With FTX filing for bankruptcy, its GameStop partnership is officially dead.

In a shocking move, FTX filed for bankruptcy earlier today after failing to reach an acquisition deal with Binance. This move will have a profound impact on the many partnerships FTX had, and one notable partner has already provided an update on the sequel. Just two months after GameStop and FTX teamed up to further integrate GameStop into the crypto world, GameStop announced it was cutting ties.

GameStop shared the news on their official website. Twitter account dedicated to the company’s NFT activity. “GameStop is ending its relationship and pilot gift card marketing partnership with http://FTX.US and will provide full refunds to affected customers,” the tweet read. “Please contact customer service if you purchased a gift card.”

The FTX Logo
Source: FTX

As part of the FTX and GameStop partnership that started in September, GameStop has started offering gift cards to the cryptocurrency exchange. It will now offer refunds to those who purchased them.

It was a quick reaction from GameStop, as news of FTX’s Chapter 11 bankruptcy filing hit this morning. This, of course, comes after FTX tried and failed to sell its non-US operations to Binance after concerns were raised over the company’s liquidity, leading to a selloff of FTT. Yesterday, FTX chief Sam Bankman-Fried released a statement apologizing for putting the company in this predicament.

GameStop is just one of many high-profile partnerships that FTX entered into while it was still competing to become one of the top crypto exchanges. It will be interesting to follow the situation in the days and weeks to come to see what path these other partners will take. For future updates, be sure to visit the FTX topic page here on Shacknews.

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Donovan is a young journalist from Maryland who loves acting. His oldest gaming memory is playing Pajama Sam on his mother’s desk on the weekends. Pokémon Emerald, Halo 2, and the first Star Wars Battlefront 2 were among the most influential titles in sparking his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He’s a huge Star Wars nerd and movie fanatic who will talk to you about movies and games all day long. You can follow him on twitter @Donimals_

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