American video game retailer GameStop Corp (NYSE: GME) today launched its non-custodial, browser-based Ethereum wallet similar to MetaMask.
The wallet would let users store, send, and receive cryptocurrencies and non-fungible tokens (NFTs) across various crypto apps. It will support NFT trading through the upcoming launch of GameStop’s NFT marketplace in Q2 2022.
The wallet leverages Loopring’s ZK-rollup technology, an Ethereum layer-2 scaling protocol for cheaper and faster transactions.
The wallet can be downloaded as a browser extension from the chrome web store.
Though the wallet is non-custodial, it does track certain user information, including IP address, GPS coordinates, and information near to the user’s device, according to their privacy policy.
“It also monitors the user’s network, clicks, mouse position and keystroke logging” reads the privacy policy.
GameStop stock reacts
Despite successful launches of its beta NFT marketplace and today’s crypto wallet, GameStop’s stock is down 3.56% at the end of trading hours last Friday.
The decline in stock is likely related to the company’s weak Q4 results. GameStop reported a loss of $147.5 million in Q4 2021 against an $80.3 million profit reported in the same period the previous year.
The video game retailer showed its initial interest in cryptocurrency in a letter to investors in 2021.
“Since last summer, we have also been making investments to insert GameStop into the blockchain gaming and cryptocurrency worlds,” read the letter to stockholders by the CEO of GameStop in 2021.
GameStop’s stock is down 46.86% over the past year from a 52-week high of $344.66 recorded in early 2021 during the meme stock trading frenzy.
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