# GameStop, citing “regulatory uncertainty,” winds down its crypto & NFT wallet

Source: https://arstechnica.com/gaming/2023/08/gamestop-citing-regulatory-uncertainty-winds-down-its-crypto-and-nft-wallet
Kiwi News: https://news.kiwistand.com/stories/GameStop-citing-regulatory-uncertainty-winds-down-its-crypto-and-NFT-wallet?index=0x64d26f479d11dd86a249067f6cf598791fecbf3a8be9111c540747ccc0bc1686e97db346
Submitted by 0x2aA3...6051 on 2023-08-08 UTC, 4 upvotes, 0 comments

## Summary

GameStop is shutting down its GameStop Wallet app for iOS and its Chrome browser extension as of November 1, and telling customers to make sure they can access their Secret Passphrase. The company's notice cites "the regulatory uncertainty of the crypto space" as the reason. Game Developer notes the decision may have been in the works earlier, since December 2022 layoffs heavily affected the team working on the Ethereum-based wallet. GameStop advises customers to ensure access to their Secret Passphrase by October 1, 2023, which it says should allow recovery in any compatible wallet, such as MetaMask after exporting keys.

## Article

GameStop will still sell you NFTs, but you now have to store and secure them yourself. The game store is ending the wallet app it offered for iOS devices and Chrome browsers as of November 1 and is telling customers to double-check their “Secret Passphrase.”

GameStop’s notice at the top of its wallet page and other crypto-related sub-sites cites “the regulatory uncertainty of the crypto space” for the removal of its wallet extension and app. The Securities and Exchange Commission sued Binance and Coinbase in June, citing the exchanges’ failure to provide protections for customers, keep records, and accept inspection by the SEC.

As noted by Game Developer, though, the decision may have been in the works before that. December 2022 layoffs at GameStop heavily impacted the team working on the Ethereum-based blockchain wallet.

GameStop’s notice to customers of the shutdown of GameStop Wallet. Credit: GameStop

“We advise that all customers ensure that they have access to their Secret Passphrase by October 1, 2023,” GameStop’s notice continues. That passphrase should allow wallet holders to “recover their account in any compatible wallet.” GameStop’s wallet FAQs suggest that MetaMask and some hardware wallets should be compatible after exporting keys, though there are a lot of details to read up on.