Gaming Retailer GameStop Losses Nearly $95 Million in Third Quarter

Gaming retailer GameStop says it will no longer focus any efforts on cryptocurrencies, after amounting $94.7 million in net losses in the third quarter and laying off staff from its digital assets department.

GameStop CEO Matt Furlong said that they proactively minimized exposure to cryptocurrency over the year and does not currently hold a material balance of any token. "Although we continue to believe there is long-term potential for digital assets in the gaming world, we have not and will not risk meaningful stockholder capital in this space."

Previously, GameStop has started a round of layoffs that have severely impacted its blockchain wallet team, according to sources.