Share this article
GameStop Reports $76.9M in Proceeds From Sales of Digital Assets in First Quarter
The company also confirmed intentions to launch its NFT marketplace in the second quarter.
Updated May 11, 2023, 6:47 p.m. Published Jun 1, 2022, 9:36 p.m.
Make us preferred on Google
Video game retailer GameStop (GME), reporting its quarterly results, received a cash flow boost of $76.9 million from the sale of IMX tokens it had received as part of its partnership with non-fungible token (NFT) scaling platform Immutable.
- In February GameStop sold the IMX tokens it had been granted as part of its deal with Immutable, generating $76.9 million in proceeds. Overall, the company reported negative cash flow for the quarter of $236.3 million.
- GameStop also took note of continued steps to support the recent launch of its digital asset wallet, and its intention to open its NFT marketplace during Q2.
- Speaking on the earnings call, management said the wallet has seen "significant" downloads from the Chrome app store. "We firmly believe that digital assets are core to the future of gaming," said CEO Matt Furlong.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Read more: GameStop Unveils Crypto and NFT Wallet, Shares Jump 3%
More For You
More For You
Milo tops $100 million in crypto-backed mortgages, closes record $12 million deal
The firm, which holds mortgage provider licenses in ten U.S. states with more to follow, has a perfect track record of zero margin calls across its mortgage portfolio.
What to know:
- Milo allows crypto holders to pledge their bitcoin or ether as collateral for loan amounts up to $25 million without having to sell their digital assets.
- Milo asks for 100% of the value of the property in crypto collateral, which can be held with qualified custodians like Coinbase or BitGo, or there is a self-custodial option.
- The loans, which start at 8.25%, can also be used for things like acquiring land, funding home improvements, and business investments.
Top Stories
