GameStop to pull support for its native crypto wallets by Nov. 1

GameStop Wallet launched on Google Chrome in May 2022

article-image

rblfmr/Shutterstock modified by Blockworks

share

GameStop has set a date for the demise of its crypto wallet program, chalking it up to “regulatory uncertainty.” 

The publicly traded GameStop will take its iOS and Chrome wallet extensions off the market by Nov. 1, according to an alert on its website. It had previously told investors on an earnings call that it would wind down the company’s crypto activities. 

GameStop advised customers to write down or recover their secret passphrase before Oct. 1.

“Any customer with access to their Secret Passphrase has the ability to recover their account in any compatible wallet,” GameStop wrote. 

Metamask and WalletConnect are, for now, compatible with GameStop NFT, its NFT marketplace.

GameStop had been telegraphing its hesitance around digital assets for months. During a December 2022 earnings call, then-CEO Matt Furlong said that crypto has “potential” but not enough to warrant taking on outsized risks with company cash. 

“Although we continue to believe there is long-term potential for digital assets in the gaming world, we have not, and will not, risk meaningful stockholder capital in the space,” Furlong said in the Dec. 7 call

A day before that call took place, GameStop axed at least six employees working on blockchain initiatives

GameStop representatives did not immediately return a request for comment. 

GameStop didn’t detail specifics of the regulatory uncertainty that contributed to the move. 

But there’s still debate between the CFTC and the SEC over which crypto assets constitute securities. And perhaps more so now with the SEC suing Binance and Coinbase in June over allegedly unregistered securities offerings. 

The most recent crypto regulation wrinkle came Monday, with a judge denying Terraform’s motion to dismiss its case on the grounds that the Ripple decision doesn’t apply to the collapsed firm.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg

Research

In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.

article-image

Revolut said that the standalone crypto exchange is currently “invite only”

article-image

The stock price jump comes after Coinbase reported ending its seven-quarter run of net losses during the fourth quarter

article-image

BUZZ holds shares of Coinbase, Robinhood and MicroStrategy

article-image

Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile

article-image

The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally

article-image

While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders