Game retailer GameStop began to abandon cryptocurrency and has been online for just over a year.

CTOnews.com, August 4 (Xinhua)-- video game retailer GameStop has announced that it will stop its cryptocurrency wallet more than a year after it first adopted cryptocurrency.

According to the GameStop web3 Center, the company will remove its wallet from the market on November 1 this year because of "regulatory uncertainty in the cryptocurrency area." Officials recommend that all customers ensure that their Secret Passphrase is accessed by October 1, 2023, so that their accounts can be restored in other compatible wallets.

Notice on ▲ GameStop official website

Details of notification on the official website of ▲ GameStop as previously reported by CTOnews.com, GameStop first entered the cryptocurrency field in May last year with its self-hosted encrypted wallet system, and soon launched the NFT market through Australian blockchain startup Immutable X.

Although GameStop will close its encrypted wallet, it will continue to operate the NFT market. However, GameStop appeared to have stalled after it said on an earnings call in December that it would cut back on these businesses after another quarter of huge net losses.

Notably, Diana Saadeh-Jajeh, GameStop's chief financial officer, resigned last week, describing herself on LinkedIn as the "decision maker of GameStop's key business strategy, including NFT, digital wallet and cryptocurrency plan".