Starting next year, Coinbase Wallet will remove support for XRP, Bitcoin Cash, Ethereum Classic, and Stellar.
Bitcoin Cash, Ethereum Classic, XRP and Stellar will not be available in the Coinbase Wallet starting next year. The company noted the low usage as the reason why it no longer supports those tokens.
In other words, starting next year, users will not be able to buy, sell, send, or receive assets through this app.
“These routine evaluations allow us to continue to invest in new features that make Web3 more accessible.”
1/3: After careful evaluation, we will be removing support for several networks with low activity on Coinbase Wallet starting in January 2023—including BCH, ETC, XLM & XRP. These routine evaluations allow us to continue investing in new features that make web3 more accessible.— Coinbase Wallet (@CoinbaseWallet) November 29, 2022
Specifically, starting in January 2023, the Coinbase Wallet will no longer support Bitcoin Cash (BCH), Ripple (XRP), Ethereum Classic (ETC), and Stellar (XLM) due to low usage. However, he added that the remaining funds would still be tied to users’ existing addresses.
Interestingly, according to data from our internal tool Crypto Online, Ripple’s XRP is the seventh largest digital asset by market capitalization. And Stellar XLM, is the 26th largest.
Coinbase Wallet will stop supporting BCH, ETC, XLM and XRP
Sure enough, the largest crypto exchange in the United States announced on Nov. 29 that it has removed a number of assets from its self-custody mobile app, citing declining interest from clients.
“After careful evaluation, we will be removing support for several networks with little activity in the Coinbase Wallet starting in January 2023. Including BCH, ETC, XLM, and XRP.”
Very importantly, Coinbase indicated that its decision does not mean that user assets would be lost. Instead, unsupported assets would still be tied to users’ addresses and accessible via their Coinbase Wallet recovery phrase.
“To view or transfer these assets after January 2023, you will need to import your recovery phrase into another non-custodial wallet provider that supports these networks.”
What networks does it support?
By the way, Coinbase Wallet supports Ethereum and all Ethereum Virtual Machine (EVM) supported networks, both in the mobile app and in the browser extension. However, you can add other EVM-supported networks manually. Currently, it comes pre-configured with the networks:
- Avalanche C-Chain
- BNB Chain
- Gnosis Chain
- Phantom Opera
- In fact, the mobile app also supports Bitcoin, Dogecoin, and Litecoin.
In closing, despite the fact that Coinbase points out that BCH, ETC, XLM and XRP are having “little use”, can they surprise you with a significant rise at any time? Leave your opinion in the comment box.
I retire with this phrase from Lark Davis: “Betting on Bitcoin is betting against the entire rotten financial system. I’ll take that bet!”