Crypto SWOT: GameStop announced a partnership with crypto exchange FTX US

Opportunities

• Binance the largest crypto exchange by volume, will start converting any existing user balances and new deposits of USDC, USDP, and TUSD into the company’s own stablecoin. The exchange said the move is intended “to enhance liquidity and capital-efficiency for users,” writes Bloomberg.  
• Insolvent crypto lender Voyager Digital has drawn enough interest from potential buyers to necessitate an auction, reports Bloomberg. The need for an auction means Voyager received more than one acceptable bid for its assets and no bid was clearly the best. That could be good news for Voyager customers still locked out of their accounts, the article continues.
• GameStop shares were up on Thursday after the video game retailer announced a partnership with cryptocurrency exchange FTX US, suggesting the company is making strides in its strategy shift to NFTs. But analysts were still skeptical about the long-term growth prospects after the company reported a decline in sales and a wider loss in the second quarter. GameStop said it will collaborate with FTX US on new e-commerce and online marketing initiatives and will begin carrying FTX gift cards in select stores, writes Bloomberg.  

Threats

• The securities and exchange commission of Thailand has filed a police complaint against Zipmex Thailand, a crypto exchange operator, and its chief executive officer for not complying with the country’s digital assets regulations, writes Bloomberg. The CEO of the exchange Akalarp Yimwilai violated the digital assets rules by not disclosing information about the bourse’s digital wallet, which holds customers’ assets, and details about transfers and withdrawals of digital assets as requested by authorities.
• A closely watched measure of Bitcoin mining revenue has dropped to the lowest in about two years as competition increases while prices drop and energy costs soar. The hash price index, which indicates the mining revenue value per unit of computing power, dropped to around 7.7 cents for each terahash, the lowest since September 2020.
• The White House Office of Science and Technology released a report claiming Bitcoin mining negatively impacts the environment and hints toward banning proof-of-work, according to Daily Bitcoin News. The report alludes to possible executive orders and legislation from congress to “limit” or “eliminate” proof-of-work mining if regulatory actions fail to influence U.S. climate goals, the report says.