GameStop Ends Support for Cryptocurrency Wallet

GameStop has announced that it will be ending support for its cryptocurrency wallet due to the regulatory uncertainty in the crypto space. The U.S. game retailer plans to wind down support on November 1, 2023, and will remove its iOS and Chrome Extension wallets from the market on that date.

The GameStop Wallet website advises customers to ensure they can access their wallet using their ‘Secret Passphrase’ by October 1 to recover their account using another compatible wallet.

GameStop initially introduced the wallet as a way for users to manage their crypto and NFTs in one place, trade collectible assets, and use decentralized apps on the Ethereum blockchain. However, the company made a round of layoffs last year that impacted staff working on the wallet.

Former GameStop CEO Matt Furlong had previously stated that the company was focused on “pragmatic growth” and had minimized exposure to the risks associated with cryptocurrency. While there were plans to explore the NFT market, GameStop did not want to risk stockholder capital in the space.

Since then, GameStop has undergone changes in leadership, with Furlong being fired in June. Additionally, the company will be losing its CFO Diana Saadeh-Jajeh, who is set to depart on August 11 after tendering their resignation last month.

Overall, GameStop’s decision to end support for its cryptocurrency wallet reflects the challenges and uncertainties surrounding the regulatory landscape of the crypto industry.