GameStop to End Support of Digital Asset Wallets Nov. 1


Video game retailer GameStop will end support of its digital asset wallets Nov. 1.

In a message posted on its website, GameStop said: “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 message advises customers to ensure that they have access to the Secret Passphrase that enables them to recover their account in any compatible wallet.

The GameStop Wallet allows users to manage their cryptocurrency and non-fungible tokens (NFTs) in one place, use decentralized apps on Ethereum, complete fast transactions on Layer 2 and maintain full control of their assets through this self-custodial solution, according to the company’s website.

The company unveiled its digital asset wallet in May 2022, saying it would let gamers and others store, send, receive and use crypto and NFTs on several decentralized apps without leaving their web browsers.

GameStop said the wallet would also let users make transactions on the company’s then soon-to-be-launched NFT marketplace.

The NFT marketplace was launched two months later, in July 2022. It lets users connect their own digital asset wallets — including the GameStop Wallet — to the marketplace and buy, sell and trade the digital art collectibles.

GameStop said at the time that the marketplace’s functionality would be expanded over time to add more categories, including Web3, gaming and more content from other creators, along with other Ethereum environments.

In the year since, GameStop has continued on a rollercoaster journey in which it has experienced both highs and lows over the years.

In June, the firm removed its CEO and elected Ryan Cohen executive chairman. Cohen acquired a stake in GameStop in 2020 and was appointed to the retailer’s board in 2021.

During the year, crypto has had a turbulent ride as well, with PYMNTS reporting in March that crypto’s path to regulatory acceptance was getting longer by the day and that certain alarmist observers even believe the industry might soon be done for in the U.S. entirely.

At the same time, there has been a “war” underway between U.S. policymakers and the cryptocurrency industry.

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