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Coinbase Wallet News: Citing low usage, Coinbase Wallet announced it will no longer support assets like Ripple (XRP) and Bitcoin Cash (BCH) among others. The team announced December 5, 2022 as the deadline to stop support for a total of cryptocurrencies. Users will be able to access their holdings in these assets through the Coinbase Wallet recovery phrase, it said. With this, these networks will lose support to access Dapps on the networks.
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Low Usage On Networks
Apart from Ethereum and all EVM-compatible networks, Coinbase Wallet also supports nine other networks. These include BNB chain, Polygon, Solana and Arbitrum. Meanwhile, the team said it saw low usage on Bitcoin Cash (BCH), Ethereum Classic (ETC), Stellar (XLM) and Ripple (XRP). The support will only be offered until December 5, after which sending or receiving unsupported assets through Coinbase Wallet would be a risky affair. A statement on Tuesday from the team said,
“As of December 5th, 2022, Coinbase Wallet will no longer be supporting the following assets and networks due to low usage: BCH, ETC, XLM and XRP.”
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The lack of support for the assets does not mean user assets will be lost. For the recovery process of these unsupported assets, users will need to import their recovery phrase on another non-custodial wallet provider that supports these networks. The Coinbase Wallet, a self-custody crypto wallet, allows for storing crypto assets and Non-fungible tokens (NFTs).
Ripple Delisting
After the SEC alleged that XRP was a security back in 2020, several U.S. based crypto platforms including Coinbase delisted the cryptocurrency. However, Coinbase recently supported Ripple‘s cause in the XRP lawsuit. It came forward to support Ripple by filing an Amicus Curiae. Despite the long standing lawsuit against the U.S. Securities and Exchange Commission (SEC), Ripple (XRP) enjoys the support of a sizeable crypto community. With a market cap of around $19.55 billion, XRP is currently ranked 7th based on market size of cryptocurrencies. As of writing, Ripple (XRP) price stands at $0.389, up 0.87% in the last 24 hours, according to price tracking platform CoinMarketCap.
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