Coinbase Wallet Axes Support for Native Tokens Including BHC, ETC And XRP Due to Low Usage
Crypto users of Coinbase Wallet soon won’t be able to store native tokens linked to Bitcoin Cash (BCH), Ethereum Classic (ETC), Ripple XRP and Stellar (XLM), as the firm looks to phase them out over subdued usage.
According to the Coinbase website, the tokens will no longer be supported come January 2023 for its Wallet product, but users will get an amnesty period to withdraw their balances and transfer them to other wallets following the cutoff date. The date was initially set as December 5, however the company then discretely pushed the date into the new year. Coinbase blamed the delisting on “low usage,” following a burst of popularity during the pandemic-induced bull market.
The decision for the Wallet to no longer support the tokens reportedly does not impact the support of the listed tokens on Coinbase’s exchange.
Both BCH and ETC have failed to maintain their market share, as the economic slowdown prompted a distaste for riskier assets. XRP, meanwhile, is still the seventh-biggest cryptocurrency, boasting a market cap of around $19.6 billion as per data from CoinGecko.
Information for this briefing was found via Coinbase and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.