Coinbase Wallet Stops Support For Ripple (XRP), Bitcoin Cash (BCH)

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.
Also Read: On-chain Data: Bitcoin Miner Capitulation Begins, More Pain Ahead for BTC?
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.”
Also Read: Terra Classic Community Divides On 1.2% Burn Tax, LUNA Merger
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.
Also Read: Sony Makes A Fresh Move In Metaverse With Affordable Set of Wearables
- Ethereum and BMNR Rallies as BitMine Drops $1B on ETH, Analyst Hails “Most Bullish Setup Yet”
- ASTER Deposits Flows Into Binance Wallets Following CZ Endorsement, Listing Incoming?
- Avalanche Treasury Seals $675M Deal With Mountain Lake to Build $1B AVAX Vehicle
- Just In: Nasdaq-Listed VivoPower Raises $19M in Equity to Expand XRP Treasury Holdings
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?