GameStop Hits Pause on Crypto Wallets Due to Regulatory Ambiguity

In 2022, Texas-based gaming firm GameStop shifted the force of their attentions towards NFTs. To prepare their getting into NFT marketplace, they created a cutting edge crypto wallet in May to handle crypto transfers and NFTs with the help of the Ethereum layer-2 scaling protocol ZK-rollup technology, enabling them to transact at lower costs and in far quicker speeds compared to taking the harder route of Layer 1 Mainnet. According to their website however, the firm has decided to put on pause their support for cryptocurrency wallets due to uncertainty concerning regulations. Coming into effect on November 1, GameStop has called for the retirement of its iOS and Chrome extensions, and in addition, caused a rift by removing from their midst the head of their blockchain projects in September of that same year. Commencing alongside the changes is an influx of queries into whether the restructuring and redirection will shake GameStop’s blockchain prospects. Resulting from their choices, the state of certainties have decidedly gone down a more conservative route alongside the increase in contemplation of the various areas of cryptocurrency operation in the United States. Bound to the situation room table is evident pathos that that the equivalent administrative order which protect backed-securities couldn’t really graren the still unconstrained world of cryptocurrency a special helping hand to provide a slight sense of harmonious governmental acceptance.

Robert Wilson author
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