HomeCryptocurrenciesGameStop is Shutting Down Its Crypto Wallet

GameStop is Shutting Down Its Crypto Wallet

GameStop appears to be taking a step back from its strategy to focus on cryptocurrency and other digital assets. The video games retailer announced on Wednesday that it will be shutting its crypto wallet due to “regulatory uncertainty”. 

GameStop has been struggling to keep its head above water in recent years after failing to adapt to changes in customers’ preferences for online marketplaces. The company believed a venture into the crypto realm would help them return to relevance, but the strategy didn’t bring the expected success.

The idea of GameStop Wallet, which was launched back in May, was to enable users to store, send, receive, and use crypto and non-fungible tokens (NFTs). The company also launched an NFT marketplace a few months later, hoping to encourage wider adoption of the wallet.

GameStop didn’t provide much detail about its decision to pull the plug on GameStop Wallet. The announcement was made via a brief message posted on the official website that contained some basic guidelines for wallet owners.

“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,” the company stated. “We advise that all customers ensure that they have access to their Secret Passphrase by October 1, 2023. Any customer with access to their Secret Passphrase has the ability to recover their account in any compatible wallet.”

Broadcom’s Earnings Report Beats Expectations, Company Announces 10-for-1 Stock Split

Semiconductor maker Broadcom shared an earnings report for the second quarter that beat the estimations of analysts and caused its stock to surge more...

Federal Reserve Project One Rate Cut in 2024

During a meeting on Wednesday, the Federal Reserve kept its benchmark interest rate unchanged. Additionally, the U.S. central bank projected just one interest rate...

EV Maker Fisker Recalls 18,000 Cars Due to Software Issues, Compliance Reasons

Electric vehicle maker Fisker announced on Wednesday that it’s recalling more than 18,000 cars in North America and Europe. The recall affects Fisker’s Ocean...