GameStop Launches Digital Wallet for Crypto

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24 May 2022
min read

News Synopsis

GameStop Corp launched a digital wallet for cryptocurrencies and non-fungible tokens, pushing further into the vibrant territory to reverse the core video gaming business.

The company said on Monday that the move would allow gamers and others to store, send, receive, and use cryptocurrencies and NFTs through distributed apps without leaving a web browser.

According to the Wall Street Journal report, the company employed more than 20 people to run the unit and asked some game developers and publishers to create NFTs for future markets. GameStop described the new wallet as an Ethereum self-cast dial wallet. You can download the wallet with a web browser extension from the Chrome Web Store.

This wallet will also allow trading on GameStop's next NFT Marketplace. It will start in the company's second quarter and will end around July 31st. GameStop's entry into cryptocurrencies was part of a turnaround initiative led by Ryan Cohen, co-founder of pet product retailer Chewy Inc, who became chairman of GameStop last year.

Cohen's efforts to push the company into NFTs and cryptocurrencies have not yet boosted GameStop's financial performance. In March, the company reported a surprising loss during the Christmas quarter, despite increased sales.

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