Layoff’s Bloodshed Intensifies With Tough Time For Crypto Businesses  

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According to reports and social media posts of the people affected, GameStop, a video game retailer had a second round of termination In advance of the earnings report. The team behind the crypto wallet was affected immensely, Axios reports. The Lead Software Engineer of the firm says another round of layoff of employees at GameStop including eCommerce product and engineer staff. This year, GameStop debuted an NFT marketplace that focuses on the Ethereum ecosystem, notably on the Immutable X sidechain. In May, the firm launched its own Ethereum wallet. Matt Furlong, CEO of GameStop, confirms the layoff sent via email. December 7, Wednesday, is scheduled for the firm’s third -quarter financial earnings report. When Micheal Recupero left the company, GameStop had its last layoff in July where the number of employees terminated was not disclosed. 

Nexo, a Crypto lender announced that it will moderately outspell U.S. products and services in the upcoming months after reaching to a “dead end” with regulators. The firm has been in conversations with the regulators for 18 months but the U.S. denying to provide a path for enabling blockchain businesses. Nexo is a marketplace for digital assets that lend out client money and uses the funds to pay interest. The firm announced that starting tomorrow, it would stop accepting new American customers for its Earn Interest Product in eight states: Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin, California, and Washington. According to the company, withdrawals and account access won’t be impacted.

Circle, a stablecoin provider is terminating its merger with Concord Aquisition Corp which has been approved by both the directors of the companies. Circle had been trying to enter the stock market via a collaboration with a New York Stock Exchange (NYSE), Concord Aquisition Corp. A Special purpose acquisition company (SPAC), also referred to as a “blank check company,” is a business entity created only for the purpose of raising cash through an IPO or merging with another business. The agreement between the two companies would have valued Circle at $9 billion, a rise from the $4.5 billion value which was declared in July 2021. Circle is most known as the organisation that created the stablecoin USDC, which is today one of the most popular cryptocurrencies and the second-largest stablecoin by market capitalization, according to CoinGecko, with a value of over $43 billion. According to its CEO Jeremy Allaire, Circle maintained its profitability in the third quarter of 2022, reporting total sales of $274 million, inclusive of interest on its reserves, and net income of $43 million. Additionally, the corporation claims to have $400 million in unrestricted capital resources. 

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