The End of GameStop’s Crypto Wallets
The American gaming merchandise retailer, GameStop, has announced that it will be removing its cryptocurrency wallets from the market starting November 1, 2023. This decision comes after the company launched the feature last year, allowing users to manage digital assets and non-fungible tokens (NFTs). GameStop explained on its official website that it is taking this step due to the regulatory uncertainty surrounding the crypto space.
Key Points:
- GameStop will remove its iOS and Chrome Extension wallets from the market starting November 1, 2023.
- All clients must have access to their secret passphrase by October 1 to recover their accounts in any compatible wallet.
- The company introduced its self-custodial wallet in May 2022, enabling customers to send, receive, store, and use crypto assets and NFTs.
- Despite the decline in interest in digital collectibles, GameStop launched an NFT marketplace on the Ethereum layer 2 network Loopring L2.
- GameStop partnered with the American subsidiary of FTX cryptocurrency exchange in September 2022 but terminated the partnership after FTX filed for bankruptcy protection.
GameStop’s Connection With FTX
In September 2022, GameStop collaborated with the American subsidiary of the now-bankrupt cryptocurrency exchange FTX. As part of the agreement, GameStop planned to introduce its clients to the FTX.US community and offer gift cards from the marketplace in select stores across the United States. However, the partnership was terminated after FTX filed for bankruptcy protection, and GameStop assured users that they would receive full refunds.
Hot Take:
GameStop’s decision to remove its cryptocurrency wallets reflects the regulatory uncertainty in the crypto space. While the company initially embraced the trend by offering self-custodial wallets and launching an NFT marketplace, the decline in interest in digital collectibles and its terminated partnership with FTX have led to this latest move. It remains to be seen how this decision will impact GameStop’s future involvement in the crypto industry.
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