GameStop Corp has launched a Crypto wallet for gamers. The new wallet is expected to revolutionize the gaming industry and offer users a chance to pay for gaming merchandise, video games, and other consumer electronics with Crypto. The solution will cater to the growing Crypto community by giving them payment and withdrawal options on the gaming platform.
The Grapevine, TX-based company is the largest retailer for Xbox, Nintendo, and PlayStation consoles and their accessories. The retailer also offers a trade-in destination for gaming systems and accessories.
The Digital Wallet Offers Autonomy
The GameStop wallet will be supported on Decentralized Apps (DApps). These decentralized programs eliminate all third parties required to facilitate traditional financial transactions.
The company has confirmed that the wallet is designed using the self-custodial Ethereum protocol that allows users to store their private keys either on cold or hot storage solutions. Users will be able to stay on their web browsers throughout the gaming session.
To get started, users are requested to download the wallet DApps from the Google Chrome web store. The wallet will support a variety of digital tokens that are in sync with Ethereum protocols starting with ETH.
GameStop Corp is Embracing the New Ways of Doing Business
The Group Chairman, Ryan Cohen, kickstarted a strategic plan of divesting from brick-and-mortar businesses where gamers walk into a store to buy gaming consoles and software on diskettes to an online platform that is accessible remotely.
GameStop Corp is also developing its NFT marketplace, and the launch is expected by the end of July. The wallet is expected to support the tokenization of the marketplace as it will also be equipped to facilitate NFT transactions and storage. The gaming giant has teamed up with Australian startup Immutable X to get the NTF project off the ground in a $100 million deal, and the project is progressing as planned.
The Wallet Is Creating an Upsurge in the Crypto and Stock Market
Despite the bearish Crypto and Stock market conditions, the news has stoked positive sentiments about GameStop Corp. (GME), and its price is up 1.5% to $97.09. In the early trading hours, the price swung upwards by three basis points to $98 before a market correction reversed the gains.
On the other hand, Ethereum (ETH) has grown by 3 % in the last 24 hours to hit $2,065. The recent growth culminates the weekly gains into 3%, bringing the market capitalization of the second-largest Crypto to $250 billion. It is, however, not clear whether the news has had any impact on the price of ETH as the entire market has been recovering after the May 8th crash.
The news proves that futuristic companies may need to embrace cryptocurrencies to guarantee their going concern.