Coinbase Wallet is a wallet that supports the Ethereum blockchain as well as all EVM-compatible networks. It comes with a mobile application and a browser extension, which makes it accessible. The mobile version of Coinbase Wallet also supports Bitcoin, Dogecoin, and Litecoin blockchains. Generally, many networks, such as Solana, Arbitrum, BNB Chain and Polygon, are configured with a digital wallet. But recently, Coinbase has updated the information about the assets and networks supported by its wallet.
Coinbase Wallet will now accept native BCH, ETC, XRP and XLM tokens
Coinbase has announced that its wallet will no longer accept certain tokens, starting in 2023. It specifically says: “From January 2023, Coinbase Wallet will no longer support assets and networks […] BCH, ETC, XLM and XRP“. It appears that the platform wants to withdraw the coins concerned due to low usage.
That means Bitcoin Cash (BCH), Ethereum Classic (ETC), XRP (XRP) and Stellar (XLM) there is less savings in the wallet. It should be noted that the tokens that Coinbase Wallet wants to withdraw have increased in value with the strong trend that exists in the Bitcoin market in 2017.
Note that XRP is no longer part of list Coinbase exchange. However, it is the seventh largest crypto by market capitalization. Currently, the crypto issued by Ripple has an estimated capitalization of $20 billion and it is traded at $0.40.
Unsupported assets can be easily recovered
According to Coinbase, the tokens, which it no longer supports, can still be reclaimed by users. “This does not mean that your assets will be lost. Any unsupported assets will still be linked to your address and accessed via your recovery phrase“. This is what the Coinbase team explained to this effect.
Coinbase invites users to import their recovery phrases to another suitable non-custodial wallet provider. This way, they can easily see or transfer their assets after January 23.
The exchange encourages users to regularly check Coinbase Wallet support for a network. This, before a transaction is performed. “Verify that Coinbase Wallet supports the network you are accepting assets on. Sotherwise, you will not be able to access these properties“, he explained.
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Far from dampening my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and relay the information in my pen related to this ecosystem.