Coinbase wallet drops support for XRP, Bitcoin Cash, Ethereum Classic and XLM
Coinbase Wallet has announced that it will no longer support cryptocurrencies such as Ripple (XRP) and Bitcoin Cash due to the limited usage of digital assets.
Coinbase Wallet has announced that it will no longer handle assets such as Ripple (XRP) and Bitcoin Cash (BCH), among others, due to low usage. The team set December 5, 2022, as the timeframe for discontinuing support for these cryptocurrencies. Users will be able to access their holdings in these assets using the Coinbase Wallet recovery phrase, according to the exchange. As a result, these networks will no longer provide access to Dapps on the networks.
Ripple (XRP), Stellar (XLM), and Ethereum Classic (ETC) (XRP). The support will be available until December 5, after which sending or receiving unsupported assets via Coinbase Wallet will be risky. The team announced in a statement on Tuesday,
"Because of limited usage, Coinbase Wallet will no longer support the following assets and networks as of December 5th, 2022: BCH, ETC, XLM, and XRP."
The lack of support for the assets does not imply the loss of user assets. Users will need to import their recovery phrase into another non-custodial wallet service that supports these networks in order to recover these unsupported assets. The Coinbase Wallet, a self-custody crypto wallet, can store crypto assets as well as non-fungible tokens (NFTs).
Delisting of Ripple
Following the SEC's allegation that XRP was security in 2020, numerous US-based cryptocurrency platforms, including Coinbase, delisted the coin. Coinbase, on the other hand, recently backed Ripple's cause in the XRP case. It filed an Amicus Curiae brief in support of Ripple.
Despite a long-running litigation against the Securities and Exchange Commission (SEC), Ripple (XRP) has the backing of a sizable crypto community. With a market valuation of around R333 billion, XRP is presently placed seventh in terms of cryptocurrency market size. Ripple (XRP) is currently trading at R6.62, up 0.87% in the last 24 hours, according to the price tracking portal CoinMarketCap.
Low Network Usage
Coinbase Wallet supports nine more networks in addition to Ethereum and all EVM-compatible networks. BNB chain, Polygon, Solana, and Arbitrum are a few examples. Meanwhile, the team said that Bitcoin Cash usage was low (BCH),
