2023-08-04 11:09:37 ET
Embattled video game retailer %GameStop () is ending its support of %Cryptocurrency wallets.
GameStop said it is scaling back its push into cryptocurrencies and non-fungible tokens (NFTs), including ending all support for cryptocurrency wallets on its platform.
In an announcement posted to its website, GameStop said “Due to the regulatory uncertainty of the crypto space, GameStop has decided to remove its iOS and Chrome Extension wallets from the market on November 1, 2023.”
The news comes a year after GameStop unveiled its online NFT marketplace.
The company had previously seen cryptocurrencies and NFTs as a way to boost its fortunes amid a persistent sales decline at its video game retail stores.
The move away from crypto comes as GameStop continues to post poor financial results and announces executive changes.
In late July, the company announced that Chief Financial Officer (CFO) Diana Saadeh-Jajeh would resign on August 11 after spending a year in the role.
In June of this year, GameStop's board of directors fired Chief Executive Officer (CEO) Matt Furlong. A successor in the CEO role has not yet been announced.
GameStop’s share price has declined 45% over the last 12 months to trade at $20.93 U.S.
The company’s stock was one of the original “meme stocks,” troubled securities that retail investors executed short squeezes on in early 2021, causing a short-lived market frenzy.