Video game retailer GameStop says it will end support of its crypto wallet offering on Nov. 1, citing “regulatory uncertainty of the crypto space.”
The company, which posted notification of the move on its GameStop Wallet homepage Secret Passphrase
Currently, only MetaMask and WalletConnect
Subscribe to Kiplinger’s Personal Finance
Be a smarter, better informed investor.
Save up to 74%
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
In December 2022, GameStop hinted in a conference call on its third-quarter results that it plans to distance itself from the crypto space.
Minimizing risk
On that call, GameStop’s then-CEO Matt Furlong said the company “has proactively minimized exposure to cryptocurrency risk throughout the year and does not currently hold a material balance of any token. 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.”
The company launched the crypto wallet offering in May 2022
GameStop did not immediately respond to Kiplinger's request for comment.
The move comes as the SEC has increased scrutiny of the crypto space. The agency recently sued
In a June 6 interview with CNBC
“Look, we don’t need more digital currency,” he said. “We already have digital currency. It’s called the U.S. dollar. It’s called the euro or it’s called the yen; they’re all digital right now.”
