GameStop will stop support for its crypto wallets, citing 'regulatory uncertainty’

Gaming retail institution GameStop has announced it volition region its integer wallets from the marketplace starting successful November, citing “regulatory uncertainty of the crypto space.”

In a announcement posted to its website, GameStop said iOS and Chrome Extension wallets volition nary longer beryllium disposable starting connected Nov. 1, advising users to guarantee they person entree to their concealed passphrases by Oct. 1. The wallets, launched successful May 2022, let users to negociate cryptocurrencies and nonfungible tokens, oregon NFTs.

GameStop announcement to users of its crypto wallets. Source: GameStop

GameStop, erstwhile known chiefly for its brick-and-mortar retail stores offering trade-ins of utilized consoles and games, became the halfway of media attraction successful January 2021 erstwhile a radical of retail investors from Reddit caused hedge money managers to suffer billions connected abbreviated positions. The steadfast has since launched its ain NFT marketplace and announced plans to usage integer assets and Web3 applications arsenic avenues for growth.

Related: GameStop to driblet crypto efforts arsenic Q3 losses adjacent $95M

It’s unclear to which aspects of “regulatory uncertainty” the institution was referring. GameStop is headquartered successful the United States, wherever lawmakers and regulators person taken assorted approaches to tackling the maturation of crypto and blockchain. The U.S. Securities and Exchange Commission has brought respective lawsuits against crypto firms successful the country, and galore tribunal cases betwixt blockchain companies and their executives are ongoing.

Cointelegraph reached retired to GameStop for remark but did not person a effect astatine the clip of publication.

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