- GameStop decided to abandon its plans to launch its cryptocurrency exchange.
- GameStop will be reallocating its resources.
- The company is currently in the process of closing out all digital currency accounts.
GameStop had announced on its website that late last year it was exploring the idea of launching the GameStopCoin, which would be available for use across its store network in an effort to make the company more attractive to both consumers and investors.
However, the company has now decided to abandon its plans to launch a cryptocurrency and will be reallocating its resources instead. GameStop did not say why it decided to reallocate its resources but instead said it will continue to make its products.
GameStop has announced that it will no longer be launching its own cryptocurrency exchange. The company also stated that it would not accept deposits for any cryptocurrencies at its stores. GameStop will continue to accept cryptocurrencies for purchases in its stores, but will no longer accept deposits for new cryptocurrencies.
Moreover, the American video game electronics manufacturer will be reallocating its resources to focus on its brick-and-mortar stores and its digital gaming platform. GameStop is the largest video game retailer in the United States.
Additionally, the firm has decided to close its cryptocurrency trading business, citing the volatility of the market and the lack of interest from customers. GameStop is currently in the process of closing out all digital currency accounts and is giving customers a full refund for any digital currency they have in their accounts.
After investing millions of dollars in their cryptocurrency-based business, GameStop announced that they were discontinuing their cryptocurrency-related business. The company stated that they will continue to explore blockchain technology, but will focus on other areas of the business.