Coinbase Wallet has delisted XRP, XLM, ETC, and BCH from its platform citing “low usage” by customers. The company will allow users holding the assets to transfer their funds to another non-custodial wallet that supports the tokens.
Cryptocurrency exchange Coinbase has announced that its self-custody wallet, the Coinbase Wallet, will not be supporting Ripple (XRP), Stellar (XLM), Bitcoin Cash (BCH), and Ethereum Classic (ETC) from January 23rd. The platform will delist the cryptocurrencies on December 5th.
Coinbase cited “low usage” as the reason to delist the four tokens from its services. This means users of America’s largest crypto exchange will not be able to buy, sell, send or receive funds in the assets through their wallets. Coinbase Wallet is the company’s self-custody digital wallet similar to the popular Ethereum-based wallet – MetaMask.
Users that hold the tokens in their Coinbase accounts can access their funds by importing their Coinbase Wallet recovery phrase on another non-custodial wallet provider that supports the aforementioned assets. Token holders can also send XRP, ETC, BCH, and XLM to the Coinbase exchange and then transfer them to their preferred supported wallets. The company has notified that from January 23rd onwards customers cannot view the crypto assets on Coinbase.
Ripple (XRP), the seventh largest cryptocurrency by market value, is the most noticeable from the list. XRP was created by Ripple to be the native utility token of the XRP Ledger, a blockchain-based ledger system that will help banks and financial institutions transfer money at faster and cheaper rates than using the traditional SWIFT network. At the time of writing, XRP is trading at $0.40, up over 2% in the last 24 hours. Ripple has a market cap of $20 billion.
Stellar (XLM) is a blockchain-based payments company founded by Ripple co-founder Jed McCaleb. The firm provides services similar to the XRPLedger on a network powered by the XLM token. At the time of writing, XLM is trading at $0.08, up by 0.9% in the last 24 hours. The 28th largest cryptocurrency has a market cap of $2.3 billion.
Ethereum Classic (ETC) is a hard fork of Ethereum that was created after the original blockchain was hacked in 2017. The proof-of-work network that allows developers to build applications is powered by using the ETC token. At the time of writing, ETC is trading at $20.14, up by 1.9% in the last 24 hours. The 25th largest cryptocurrency has a market cap of $2.7 billion.
Similar to Ethereum Classic, Bitcoin Cash (BCH) is a hard fork of the original cryptocurrency, Bitcoin. The blockchain was developed in order to process transactions faster and cheaper than on the Bitcoin network. The protocol is powered by the BCH token, which is currently trading at $112.75, up by 0.6% in the last 24 hours. The 29th largest cryptocurrency has a total market cap of $2.1 billion.
Coinbase Wallet currently supports Bitcoin, Litecoin, Dogecoin, Solana, Ethereum, and all Ethereum Virtual Machine (EVM) compatible networks, such as Polygon, Arbitrum, Fantom, Optimism, Avalanche, Maker, Gnosis, and BNB Smart Chain. The wallet also supports Circle’s USDC and MakerDAO’s DAI stablecoin, and tokens hosted on the Solana Network. Users can access the wallets’ DEX (decentralized exchange) integrated service on both mobile and desktop apps.