GameStop dumps cryptocurrency and operates for just over a year

According to news from this website on August 4, video game retailer GameStop recently announced that it will stop using cryptocurrency wallets. This is their first decision to adopt cryptocurrency in more than a year.

According to a notice from the GameStop web3 center ,The company will remove its wallet from the market on November 1 this year due to "regulatory uncertainty in the cryptocurrency space." Officials advise all customers to ensure they access their Secret Passphrase before October 1, 2023 to restore their accounts in other compatible wallets.

▲GameStop official website notification

##▲GameStop official website notification Details

According to our previous reporting, GameStop first entered the cryptocurrency space through its self-hosted crypto wallet system in May last year, and soon launched an NFT market in partnership with Australian blockchain startup Immutable X

Despite GameStop’s decision to close their crypto wallet, they continue to operate the NFT market. However, according to GameStop's statement on the earnings call in December last year, the company will cut this business due to huge net losses for several consecutive quarters, causing the business to seem to have stalled

It is worth noting that,

GameStop Chief Financial Officer Diana Saadeh-Jajeh, who resigned last week, described herself on LinkedIn as GameStop's "decision maker on key business strategies, including NFT, digital wallet and cryptocurrency initiatives."

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