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It is GameStop’s turn to lay off more employees, including crypto wallet engineers

It is GameStop's turn to lay off more employees, including crypto wallet engineers

In preparation for the presentation of the company’s quarterly results, GameStop reportedly lay off additional employees today, according to reports and social media posts from individuals impacted. According to Axios, the hardest impacted were the people responsible for the company’s bitcoin wallet.

Earlier today, GameStop’s Lead Software Engineer, Daniel Williams, said on LinkedIn that “another significant wave of layoffs at GameStop is already in effect,” targeting the company’s eCommerce product and engineering personnel. In a subsequent statement, Williams hinted that a business announcement will be made later today.

Brandon Jenniges, a Blockchain and iOS developer, is one of several former workers who have filed public status updates on LinkedIn regarding today’s layoffs.

This year, GameStop created an NFT marketplace to better service the Ethereum community, and especially the Immutable X sidechain. The company announced in May the introduction of its own Ethereum wallet, a browser extension similar to MetaMask.

According to a tweet by Ethan Gach, a senior writer for the gaming website Kotaku, the GameStop CEO, Matt Furlong, confirmed the layoffs in an email to staff late this afternoon.

In an email, Furlong wrote, “We have continued to gain clarity around the optimum number of corporate people required to achieve our profitability and growth goals.”

The third-quarter financial results of the corporation are expected to be released on December 7.

After the resignation of CFO Michael Recupero in July, GameStop announced layoffs, however, the company did not specify the number of affected workers.

Thus far, the influence of the NFT market on the sector has been minimal. According to the NFT monitoring site DappRadar, the platform has only witnessed $29 million in trades since its July inception (as of October 31). OpenSea, is the largest platform for trading Ethereum-based non-fungible tokens, with a daily volume of over $6 million, even in bear markets. No longer does DappRadar track GameStop’s NFT activity.

About Tiffany Ellis

She is a smiley curious writer from the USA. She loves Cryptocurrencies, Arts an also NFTs.

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