Coinbase Wallet to Cease Support For XRP, Bitcoin Cash, Ethereum Classic, And Steller (2024)
America’s biggest exchange Coinbase (COIN) announced to delist of Ripple's XRP, Bitcoin Cash (BCH), Ethereum Classic (ETC), and Steller (XLM) from its wallet product, citing “low usage.”
Key Takeaways
Coinbase to delist XRP, Bitcoin Cash, Ethereum Classic, and XLM.
These assets won't be available from January 2023.
Users with these cryptocurrencies in their balance won't lose it and can recover it through the "Coinbase Recovery Phase."
Ripple’s XRP Ledger (XRP), Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM) will no longer be available for users to buy, sell, and trade, and it will be effective from January 2023, said Coinbase. It also added that users with these crypto assets on their balances wouldn't lose them and be able to recover them via the "Coinbase Recovery Phase."
One of the not-to-be-supported assets, XRP— the 7th largest cryptocurrency with a market capitalization of over 20 billion— is currently facing an ongoing case with the SEC. Ethereum Classic (ETC) is the 25th-largest coin by market capitalization and a spinoff of Ethereum. It was created after the DAO hack in 2016. Bitcoin Cash (BCH) is a Bitcoin spinoff aimed at allowing more transactions and decreasing transaction fees and time. Steller (XLM) isan open-source, decentralized payment network.
Coinbase's move for delisting these assets isn’t explicit yet, but if something is certain, it’s that Coinbase doesn’t have issues against these assets and even supported XRP over its heating case with the SEC.
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Now, diving into the article about Coinbase's decision to delist Ripple's XRP, Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM), let's break down the key concepts and provide relevant information:
Coinbase's Delisting Decision:
Coinbase, one of the largest cryptocurrency exchanges in the United States, has announced the delisting of four major digital assets: Ripple's XRP, Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM).
The reason cited for the delisting is "low usage," indicating that these assets have not been actively traded or utilized on the Coinbase platform.
Affected Cryptocurrencies and Timeline:
Ripple’s XRP Ledger (XRP), Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM) will no longer be available for users to buy, sell, and trade on Coinbase.
The delisting is set to be effective from January 2023.
Coinbase Recovery Phase:
Users who hold these cryptocurrencies in their Coinbase balances need not worry about losing them. Coinbase has introduced a "Coinbase Recovery Phase," allowing users to recover their assets even after delisting.
Brief Overview of the Delisted Assets:
XRP (Ripple): Currently the 7th largest cryptocurrency with a market capitalization of over $20 billion. It is currently facing an ongoing case with the U.S. Securities and Exchange Commission (SEC).
ETC (Ethereum Classic): Ranked as the 25th-largest coin by market capitalization, ETC is a spinoff of Ethereum and was created after the DAO hack in 2016.
BCH (Bitcoin Cash): A Bitcoin spinoff designed to facilitate more transactions and reduce transaction fees and time.
XLM (Stellar): Described as an open-source, decentralized payment network.
Coinbase's Stance and Support:
The article suggests that Coinbase's move to delist these assets is not explicitly explained. However, it emphasizes that Coinbase does not seem to have issues against these assets, and it even supported XRP during its legal battle with the SEC.
In conclusion, Coinbase's decision to delist these cryptocurrencies appears to be rooted in business considerations, specifically "low usage." Users are assured that they can recover their assets through the Coinbase Recovery Phase, and the article hints at Coinbase's lack of fundamental issues with the delisted assets, highlighting its prior support for XRP amidst its legal challenges.
According to Coinbase's official announcement, the reason for discontinuing support for Bitcoin Cash (along with XRP, Ethereum Classic, and Stellar) in its wallets was due to "low usage." In February 2023, Coinbase Wallet decided to remove these cryptocurrencies from its platform as they were not being used as ...
For more information, refer to our article on how to avoid crypto scams. If you have assets on networks that were previously supported by Coinbase Wallet (BCH, ETC, XLM, XRP), you will no longer be able to see or transact with those assets after February 20th, 2023.
Coinbase has brought back XRP to its platform in New York after withdrawing the token three years ago. XRP was dropped by Coinbase in 2021 following a lawsuit against Ripple and its founders. At the time, the SEC had accused Ripple of conducting an unregistered securities offering worth $1.3 billion by selling XRP.
Find the asset you want to withdraw and click Withdraw from the Actions column on the far right (if you can't take any actions, your user role doesn't have the permissions to perform those actions)
Click Withdraw to External Address or Transfer Funds Internally.
Coinbase has excellent security measures to ensure its users' funds are safe. However, we recommend moving your crypto assets off any exchange into a self-custodial hardware wallet.
If you believe in the long-term potential of Ripple's cross-border payment system and expect a favourable resolution, XRP might present a buying opportunity. However, always consider the inherent volatility of the cryptocurrency market and the possibility of further price fluctuations.
If you're having issues viewing your updated balance after a recent transaction in your Wallet, try signing in then signing out of the Coinbase Wallet app to resolve the issue.
Coinbase Wallet is a self-custody web3 wallet, putting you in full control of the private keys to your assets on the blockchain. Nobody, including Coinbase, can access your tokens or NFTs without your recovery phrase.
Your XRP address requires a 10 XRP minimum balance before you can participate in the network. If it is your first time using XRP, you must send 10 XRP or more to your XRP address. To withdraw part of your XRP minimum balance, you must reset your XRP account.
Welcome to the Coinbase status page. We use this page to communicate any issues with our products including planned and unplanned outages. No incidents reported today.
On February 20th, 2023, Coinbase Wallet discontinued support for the following assets and networks due to low usage: BCH, ETC, XLM and XRP. If you held these assets, they will still be tied to your address(es) and accessible through your Coinbase Wallet recovery phrase.
During the hold period, you can still sell or trade crypto that you bought with these funds, or you can use the funds to buy crypto. However, until the hold is removed, you won't be able to cash the funds out or send any crypto bought with these funds from your Coinbase account.
If you've transferred an unsupported cryptocurrency asset to your Coinbase account, those funds have historically been lost unless Coinbase later adds support for the asset.
Are my digital assets mine if Coinbase is holding them? Yes! You own your digital assets just like you always have. Coinbase maintains internal ledgering systems which track your account activity in real time.
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