GameStop, the renowned video game retailer company, announced its decision to remove crypto wallets from its product offerings.
The unexpected move, attributed to “regulatory uncertainty,” has investors and enthusiasts buzzing with questions.
Source: GameStop Wallet
By swiftly pulling the plug on crypto wallets, the company reinforces its commitment to adhering to regulations, even if it means altering its business strategy.
The move by GameStop to stop offering bitcoin wallets marks a change in direction for the company’s cryptocurrency strategy, which was previously led by Chairman Ryan Cohen in an effort to revive the floundering video game retailer.
After incurring losses of $160 million between the months of March and June, GameStop disclosed its ambitions to expand its non-fungible token (NFT) marketplace and cryptocurrency business in June 2022.
GameStop remains quiet amidst the uncertainty
GameStop has not responded to media requests for more information on the regulatory issues that prompted the termination of its crypto wallet service, keeping the community in suspense.
It’s interesting to note that the company had not provided any data or updates regarding the NFT marketplace’s crypto wallet business.
This suggests that the company had been debating ending its crypto wallet business due to the high level of regulatory uncertainty in the sector. Blomberg reports.