Published , by Donovan Erskine
Published , by Donovan Erskine
In a shocking move, FTX filed for bankruptcy earlier today after it failed to seal an acquisition deal with Binance. This move will have a profound impact on the many partnerships that FTX had, and one notable partner has already provided an update on what’s next. Just two months after GameStop and FTX partnered to further integrate GameStop into the crypto world, GameStop has announced that it’s cutting ties.
GameStop shared the news on its official Twitter account dedicated to the company’s NFT business. “GameStop is winding down its relationship and pilot gift card marketing partnership with http://FTX.US and will be providing full refunds to impacted customers,” the tweet reads. “Please reach out to customer service if you purchased a gift card.”
As a part of the FTX and GameStop partnership that started back in September, GameStop began carrying gift cards to the cryptocurrency exchange platform. It will now offer refunds to those that purchased them.
It was a quick reaction from GameStop, as the news of FTX’s Chapter 11 bankruptcy filing hit this morning. This of course comes after FTX attempted and failed to sell its non-US operations to Binance after concerns were raised about the company’s liquidity, which led to a mass selling of FTT. Yesterday, FTX head Sam Bankman-Fried issued a statement in which he apologized for getting the company into this predicament.
GameStop is just one of several high-profile partnerships that FTX made while it was still competing to be a top crypto exchange. It will be interesting to monitor the situation in the coming days and weeks to see what route those other partners take. For future updates, be sure to visit the FTX topic page here on Shacknews.