GameStop Chairman Ryan Cohen was enthusiastic about promoting cryptocurrencies for a while. Now, however, the company appears to be discontinuing support for cryptocurrency wallets.

But why? As we have seen many times before, crypto investing is a very lucrative and stable endeavor. What could Cohen possibly cite as the reason for this dismissal?

It is "regulatory uncertainty in the crypto space."

According to Bloomberg, GameStop has been fairly silent on all things crypto in recent calls with investors, and its departure from hosting wallets likely signals a complete withdrawal from any association with the company.

GameStop launched its digital wallet last May in an attempt to bolster the company in an uncertain technological environment.

A few months later, CEO Matt Furlong, in the face of mass layoffs, said that "change is constant as we evolve our commerce business and launch new products through our blockchain group."

Shortly after half the staff was laid off, the company's stock price fell 5%. And it appears that all that change was ultimately too much for the company.

Starting this November, GameStop will no longer support iOS and Chrome Extension wallets, and users will no longer be able to manage digital assets such as NFTs and Ethereum through GameStop.

GameStop's advice with the end of crypto wallet support is "All customers should have access to their Secret Passphrase by October 1, 2023. Customers with access to the Secret Passphrase will be able to recover their accounts with a compatible wallet.

I don't know what the small print says about abandoned funds in wallets after this time, but I for one can't wait to find out eventually.