Coinbase Wallet has stated that it has delisted assets such as Bitcoin Cash (BCH) and Ripple (XRP), among others, due to low use. The team set December 5, 2022, as the timeframe for discontinuing support for all cryptocurrencies.
According to the company, customers can access their ownership in these assets using the Coinbase Wallet recovery phrase.
As a result, these networks will no longer be able to access Dapps on their networks.
JUST IN: Coinbase Wallet will no longer support #XRP as of December 5th, 2022.
— Watcher.Guru (@WatcherGuru) November 29, 2022
Low Network Usage
Coinbase Wallet supports nine more networks in addition to Ethereum and other EVM-compatible networks. BNB chain, Polygon, Solana, and Arbitrum are a few examples. Meanwhile, the team said mentioned that the following assets have little use:
- Ethereum Classic (ETC),
- Bitcoin Cash (BCH),
- Stellar (XLM), and
- Ripple (XRP)
The support will be available until December 5, and then receiving ans sending unsupported assets through Coinbase Wallet will be risky. The absence of support for the assets does not imply the loss of user assets. To recover these unsupported assets, owners must import their recovery phrase into another non-custodial wallet provider supporting these networks. The Coinbase Wallet, a self-custody cryptocurrency wallet, can hold non-fungible tokens (NFTs) and crypto assets.
Delisting of Ripple by Coinbase
Following the SEC’s allegation that XRP was security in 2020, numerous US-based cryptocurrency platforms, including Coinbase, delisted the coin. Coinbase, on the other hand, recently backed Ripple’s cause in the XRP case. It filed an Amicus Curiae brief in favour of Ripple.
Despite a long-running litigation against the Securities and Exchange Commission (SEC), Ripple (XRP) has the backing of a sizable crypto community.
With a market valuation of around $19.55 billion, XRP is presently placed seventh in the cryptocurrency market size. Ripple (XRP) is now trading at $0.389, up 0.87% in the past 24 hours, according to the price monitoring portal CoinMarketCap.