Ethereum

Secret

Read

GameStop Corp. has announced the discontinuation of its cryptocurrency wallets due to “regulatory uncertainty.” 
On Nov. 1, the company will withdraw its support for iOS and Chrome Extension wallets, which have allowed users to manage cryptocurrencies and non-fungible tokens, and decentralized apps on the Ethereum (<a href="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) network. 
<h2 class="wp-block-heading" id="navigating-the-evolving-regulatory-landscape">Navigating the evolving regulatory landscape</h2> 
In an Aug. 1 announcement on its official website, GameStop, the US electronics retail company that reported $5.93 billion in 2022, assures customers that despite discontinuing the wallets, they will ensure a smooth transition. 
As part of the transition plan, the company advises all users to secure their Secret Passphrase before Oct. 1, 2023. By having access to the Secret Passphrase, customers can recover their accounts using any compatible wallet. 
<figure class="wp-block-image size-large"> 
 <img decoding="async" width="1024" height="633" src="https://crypto.news/app/uploads/2023/08/Screen-Shot-2023-08-01-at-1.07.05-PM-1024x633.png" alt="GameStop to withdraw crypto wallets amid 'regulatory uncertainty' - 1" class="wp-image-14182401"> 
 <figcaption class="wp-element-caption">
 GameStop Wallet Announcement |&nbsp;Source: <a href="https://wallet.gamestop.com/" target="_blank" rel="noopener noreferrer nofollow">GameStop Wallet</a> 
 </figcaption> 
</figure> 
GameStop’s decision to discontinue its cryptocurrency wallets signals a shift away from its crypto strategy, which was previously spearheaded by Chairman Ryan Cohen in an attempt to revitalize the struggling video game retailer. 
In June 2022, GameStop shared its plans to grow its non-fungible token (NFT) marketplace and crypto business after facing $160 million in losses between the months of March and June. 
The NFT marketplace <a href="https://news.gamestop.com/news-releases/news-release-details/gamestop-launches-nft-marketplace" target="_blank" rel="noopener noreferrer nofollow">was launched</a> a year ago, on July 11, 2022, but it coincided with a decrease in the speculative frenzy surrounding digital tokens. Therefore, despite claims that these ventures would make the company profitable again, competition among NFT marketplaces has intensified, and six months later, GameStop announced that they were rolling up their NFT and crypto ventures. 
 You might also like: <a href="https://crypto.news/gamestop-shares-jump-7-despite-fresh-layoffs/" rel="noopener noreferrer nofollow"> GameStop shares jump 7% despite fresh layoffs </a> 
However, the announcement isn’t the only change facing the retailer. 
A July 27 press release shared a major change in the board leadership with the chief financial officer Diana Saadeh-Jajeh stepping down on Aug. 11. Saadeh-Jajeh had served in this role for a little over a year and had been with GameStop since 2020. 
She had taken over the position from CFO Mike Recupero, who departed the company in July 2022. This recent development adds to the company’s ongoing efforts to shape its executive team and restore the company to its former glory. 
<h2 class="wp-block-heading" id="changes-are-underway">Changes are underway</h2> 
GameStop isn’t the only company that has been affected by regulatory uncertainty.&nbsp; 
The U.S. Securities and Exchange Commission’s (<a href="https://crypto.news/tag/sec/" rel="noopener noreferrer nofollow">SEC</a>) legal action against cryptocurrency giants <a href="https://crypto.news/tag/binance/" rel="noopener noreferrer nofollow">Binance</a> and <a href="https://crypto.news/tag/coinbase/" rel="noopener noreferrer nofollow">Coinbase</a>, accusing them of violating securities laws, has resulted in a number of changes for both exchanges and even companies like <a href="https://www.reuters.com/technology/wyre-winding-down-crypto-winter-bites-2023-06-16/" target="_blank" rel="noopener noreferrer nofollow">Wyre</a>, a payments company that was previously valued at $1.5 billion. 
 Read more: <a href="https://crypto.news/gamestop-starts-a-new-round-of-layoffs/" rel="noopener noreferrer nofollow"> GameStop starts a new round of layoffs </a>

GameStop to withdraw crypto wallets amid ‘regulatory uncertainty’

Table of Contents

crypto.news

Other articles published on Aug 1, 2023

Shiba Inu Geared Up For Shibarium Launch: SHIB To Reach $0.001 Soon?

Shiba Inu More Popular Than Ethereum, Dogecoin in the U.S.

Opinion: No, Sam Bankman-Fried isn't going to walk free

Immutable X (IMX) price rises amid Upbit listing

Multiple Bitcoin ETFs Will Divert 'Smart Money' From Canada to U.S.

Jack Dorsey, Michael Saylor Ask Bitcoin Lightning On Coinbase, Solana Founder Disagrees

Join our free newsletter for daily crypto updates!