Roughly one year after its inception, GameStop has announced that it will discontinue its cryptocurrency and NFT wallet services by the end of 2023.
A small note on the video game retailer’s wallet website reads, “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 change was first spotted by GameDeveloper, via iPhoneInCanada.
The wallet, which allowed users to store, send, and receive various cryptocurrencies, as well as access NFTs, was available as an iOS app and a Chrome extension, and supported popular coins such as Bitcoin, Ethereum, Dogecoin, and GameStop’s own GME token.
GameStop is advising users to access their wallet using their secret phrase and transfer their digital assets to a different digital wallet.
GameStop, being a video game retailer, pitched the wallet as a way for users to store and transfer their in-game NFTs. However, with NFTs failing, the business didn’t make much sense for the retailer.
One of the issues that might have added to the decision was the lack of clarity and consistency in the crypto regulations across different jurisdictions. Moreover, GameStop was also accused of selling NFT games without the permission of the original creators, raising ethical questions.
The decision to shut down the wallet also coincides with the departure of some key executives from GameStop. GameStop CFO Diana Saadeh-Jajeh will resign from her position on August 11th, and former CEO Matt Furlong was also let go from the company in June.