Video game retailer Gamestop, which became a memestock phenomenon at the time Dogecoin was on the rise, announced that it will stop offering its cryptocurrency wallet app on iOS and Chrome add-on platforms.
The company cited “regulatory uncertainty in the crypto space” as the reason for its decision.
The application, which allows users to store and manage various digital currencies, including Bitcoin, Ethereum and Dogecoin, will be removed from the market on November 1, 2023.
Gamestop advised its customers to ensure they have access to their Secret Password, a 12-word recovery phrase that can be used to restore their account in any compatible wallet by October 1, 2023.
The removal of this wallet service is seen as a sign that GameStop is stepping back from its crypto strategy, which is part of a sweeping initiative for digital assets led by chief executive Ryan Cohen to revitalize the embattled video game retail company.
The company opened the NFT market a year ago just as the speculative craze for digital tokens had cooled. NFT prices and demand have since dropped further and competition between NFT markets has increased.
*Not investment advice.