Loopring Wallet Launch Spurs More GameStop Rumors, Drives Up Price

Loopring's launch of a new layer 2 Counterfactual Wallet has revived rumors of a partnership with electronics and gaming retailer GameStop, driving up the token's price nearly 10% in the last 24 hours.

Loopring (LRC), whose Smart Wallets create a hybrid exchange that combines centralized order matching and decentralized order settlement to make Ethereum more accessible, said on Tuesday that the iOS version of the 2 Counterfactual Wallet has been release and the Android version is "coming soon."

Due to rumors of Loopring being employed by GameStop for its upcoming NFT marketplace, the LRC token has jumped in value by over 400% since late October before it fell from its record highs.

With the help of the new Loopring Wallet, "users can now deploy the Wallet on L2-only, bypassing a costly creation fee on L1," Loopring said in its official blog.

As Ethereum continues to build an active community on its network, the congestion and gas fees have been overwhelming for many users and as a result, the popularity of layer 2 solutions is something that investors don't miss out on.

"One day our goal is to give users a complete L2-only experience, without the need to ever have to withdraw back to L1," said the official blog.

As per a report from early November, Loopring is working on an NFT-related feature and the source code mentioned several instances of GameStop.

The release of the Wallet has again spurred the buzz of Loopring's involvement in the GameStop NFT platform release. As per another report, GameStop is working on an NFT marketplace while Loopring is trying to develop the features of the platform for the firm.

Neither of the parties has made an official confirmation. The report says that investors believe that the debut of the GameStop marketplace powered by LCR layer 2 solution and wallet is not far off.