Coinbase’s surprise announcement reflects thatfrom January 2023the crypto wallet Coinbase Wallet no longer supports Bitcoin Cash (BCH), Ethereum Classic (ETC), Stellar (XLM), and XRP cryptocurrencies !
quoting in its press release a low usage of these crypto assets, Coinbase Wallet will therefore stop supporting BCH, ETC, XLM and XRP.
1/3: After careful evaluation, we will remove support for several networks with low Coinbase Wallet activity starting January 2023—including BCH, ETC, XLM & XRP. These routine evaluations allow us to continue investing in new features that make web3 even more accessible.
— Coinbase Wallet (@CoinbaseWallet) November 29, 2022
If you already hold tokens BCH, ETC, XLM and XRP in a Coinbase Wallet crypto wallet, your tokens are not lost but recovered because they remain is always linked to your crypto address(es) and accessible via your Coinbase Wallet recovery phrase.
To view or transfer your cryptos BCH, ETC, XLM or XRP if these tokens are no longer supported by Coinbase Wallet, you will need to import your recovery phrase to another non-custodial crypto wallet provider that supports these networks.
You can visit Coinbase’s explanatory sheet on this topic: click here.
However, from January 2023, so there is no need to send Bitcoin Cash (BCH), Ethereum Classic (ETC), Stellar (XLM) and XRP cryptocurrencies to a Coinbase Wallet.
As Coinbase notes on its support site:
” Make sure Coinbase Wallet supports the network you are accepting the assets on, otherwise you will not be able to access the assets. Sending or receiving unsupported assets through Coinbase Wallet will cause you to lose it. »
You can view the supported cryptocurrencies in the Coinbase Wallet by opening the Wallet app and tapping Receive.
While the cryptocurrencies Bitcoin Cash (BCH) and Ethereum Classic (ETC) clearly no longer have the public interest they once did, Stellar (XLM) (XRP’s competitor), and XRP are victims of Ripple’s lawsuit against the SEC which led to the removal of the XRP token from many crypto exchanges including Coinbase.
Coinbase, which has also joined Ripple in its legal battle against the American regulator, click here to read our article.
Once this test is over, logic would dictate that the XRP token be relisted on Coinbase and the other major crypto exchanges that have suspended its trading.
Cryptocurrency is still popular with the general public, XRP may return to the Coinbase Wallet if it regains its pre-trial aura.
An XRP price that is currently at $0.39 on Binance.
After the inconvenience encountered by Coinbase withdrawing the tokens supported by its crypto wallet, it is better to use a secure crypto wallet like Ledger Nano X: Click here to know more.
follow us on Telegram, Facebook and Twitter.
ALSO READ: