GameStop Ends Crypto Wallet Support! Here is Why

  • GameStop is ending its support for crypto wallets due to regulatory uncertainty in the industry.
  • The decision will take effect from November 1, and customers will no longer have access to iOS and Chrome Extension wallets.
  • The GameStop wallet was launched in May 2022 as a self-custodial Ethereum wallet, allowing users to manage cryptocurrencies and NFTs.
  • The wallet also facilitated transactions on GameStop’s NFT marketplace, introduced in July 2022, as part of the company’s shift towards digital sales.
  • However, the NFT market experienced a significant decline in popularity in the second half of 2022, leading to the decision to end support for crypto wallets.
  • US regulators, including the SEC and CFTC, have intensified their efforts to crack down on crypto-related companies, leading to regulatory scrutiny on the industry.
  • Binance, Coinbase, and Robinhood are among the platforms that faced regulatory actions and lawsuits from US authorities.
  • The US government’s opinions on crypto regulation are still divided, with disagreements on how to define cryptocurrencies as securities or commodities.
  • The US House Financial Services Committee passed a bill seeking to clarify the jurisdiction of regulatory bodies over the crypto industry.


Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More