If you use one of these cryptocurrencies, BCH, ETC, XLM and XRP, and store your assets on Coinbase Wallet, you will need to find a new solution. Indeed, in a recent message on its website, the American leader announces the abandonment of these four cryptos by Coinbase Wallet.
Coinbase Wallet will no longer support these coins in 2023
Why ? The company mentions a low use of these cryptocurrencies. Thus, from January 2023, BCH, ETC, XLM and XRP will no longer be supported.
Coinbase nevertheless assures that this does not mean the loss of the assets concerned. “Any unsupported assets you hold will still be linked to your address(es) and accessible through your Coinbase Wallet recovery phrase”indicates the message.
After January 2023, Coinbase will allow these assets to be transferred to another non-custodial wallet provider by importing the recovery phrase.
However, if you send or receive assets not supported by Coinbase Wallet through this service, you will lose these assets, warns the American company.
“Make sure Coinbase Wallet supports the network you are receiving assets from, otherwise you will not be able to access those assets,” Coinbase warns.
Furthermore, if Coinbase no longer supports these 4 cryptocurrencies on its Coinbase Wallet, this has no impact on the Coinbase.com site or the Coinbase Exchange application.
What are these cryptos abandoned by Coinbase Wallet?
BCH, or Bitcoin Cash, is a cryptocurrency that split off from Bitcoin. In the jargon, this is called a hard fork. Compared to real Bitcoin, BHC claims faster transactions.
As for ETC, or Ethereum Classic, it separated from Ethereum. According to our colleagues at Decrypt, it is the 25th largest cryptocurrency in terms of capitalization.
XRP is the token of XRP Ledger, also called Ripple.
While BCH, ETC, XRP and XLP were already little used, according to Coinbase, it is possible that the end of the support of these by the leader of cryptos in the United States on its portfolio will have an impact on the markets , once the announced measures are effective. But for now, according to Beincrypto, investors remain bullish on XRP, even without Coinbase Wallet support.
Very bullish about this #XRP will be the on demand liquidity for the world…with or without Coinbase. Appears to be, yet another smoke screen to distract the masses, just added to my XRP bag 😉 https://t.co/qE9aqhcok8
— CryptoBullish (@galtcoin432) November 29, 2022