GameStop has announced that it will discontinue its cryptocurrency and NFT wallet services by the end of 2023, roughly one year after their launch.
The video game retailer’s wallet website states, “Due to the regulatory uncertainty of the crypto space, GameStop has decided to remove its iOS and Chrome Extension wallets from the market on November 1, 2023.” This information was first reported by GameDeveloper via iPhoneInCanada.
GameStop’s wallet, available as an iOS app and a Chrome extension, allowed users to store, send, and receive various cryptocurrencies and access NFTs. It supported popular coins like Bitcoin, Ethereum, Dogecoin, and GameStop’s own GME token.
Users are advised to access their wallet using their secret phrase and transfer their digital assets to a different digital wallet.
Initially, GameStop marketed the wallet as a way for users to store and transfer in-game NFTs. However, with NFTs losing popularity, the wallet didn’t make much sense for the retailer.
One factor that likely influenced the decision was the lack of clear and consistent crypto regulations across different jurisdictions. Additionally, GameStop faced accusations of selling NFT games without the permission of the original creators, raising ethical concerns.
The decision to shut down the wallet coincides with the departure of key executives from GameStop. GameStop CFO Diana Saadeh-Jajeh will resign on August 11th, and former CEO Matt Furlong was let go from the company in June.
Source: GameDeveloper, via: iPhoneInCanada
Denial of responsibility! TechCodex is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
Alex Smith is a writer and editor with over 10 years of experience. He has written extensively on a variety of topics, including technology, business, and personal finance. His work has been published in a number of magazines and newspapers, and he is also the author of two books. Alex is passionate about helping people learn and grow, and he believes that writing is a powerful tool for communication and understanding.
