GameStop: Q3 loss of $94.7 million, will no longer focus on cryptocurrency

ChainCatcher news, game retailer GameStop announced that it will no longer focus on cryptocurrency after reporting a net loss of $94.7 million in the third quarter and laying off employees in its digital assets department.

GameStop CEO Matt Furlong stated that the company has proactively minimized its exposure to cryptocurrency risks over the past year and currently holds no substantial balance of any tokens. Furlong also mentioned, "While we still believe that digital assets have long-term potential in the gaming world, GameStop has not and will not take significant shareholder capital risks in this area."

However, documents submitted by GameStop to the exchange on December 7 indicate that GameStop still seems to be advancing its NFT and blockchain initiatives. (Cointelegragh)