GameStop: Ending Crypto Wallet Support Due to 'Regulatory Uncertainty'

Odaily Planet Daily News Game retailer GameStop said that due to "regulatory uncertainty", it will stop supporting its encrypted wallet. GameStop will remove its iOS and browser add-on wallets, which allow users to manage their cryptocurrencies and NFTs, from the market on Nov. 1, according to the company’s website. It means GameStop is ditching its cryptocurrency strategy as part of Chairman Ryan Cohen's broader push to turn around the struggling video game retailer as part of a digital push. GameStop did not respond to a request for comment. In a recent conference call with investors, the company did not mention NFTs or cryptocurrencies. GameStop launched the NFT marketplace a year ago, allowing gamers, creators, collectors and other community members to buy, sell and trade NFTs. In December, GameStop said it would no longer focus on cryptocurrencies after posting a net loss of $94.7 million in the third quarter and laying off employees in its digital asset division. The company's chief financial officer, Diana Saadeh-Jajeh, resigned on August 11. The company has had two chief executives leave over the past two-plus years. (Bloomberg)