Coinbase Wallet Delists Ripple (XRP), Bitcoin Cash (BCH) and Ethereum Classic (ETC)
The largest cryptocurrency exchange in the United States removed several assets from its self-custody mobile app due to declining user interest.
Today, Coinbase delisted a number of significant cryptocurrencies from its wallet app, including Ripple’s XRP, the seventh-largest cryptocurrency by market capitalization.
America’s largest exchange announced on Tuesday that starting on January 23, it would stop supporting Stellar (XLM), Ethereum Classic (ETC), Ripple (XRP), and Bitcoin Cash (BCH) on Coinbase Wallet.
According to Coinbase, the change was made “due to low usage” of the platform’s assets. Similar to other software wallets like MetaMask, Coinbase Wallet is a self-custody mobile application that supports a wider variety of cryptocurrencies.
Following Coinbase’s announcement today, users will no longer be able to buy, sell, send, or receive assets through this app as of next year.
However, users will still have access to the coins and tokens through its exchange.
Coinbase Wallet Delisting : Users can go through recovery process to access their coins and tokens.
Coinbase added that even though it had removed the assets from its wallet software, users would still be able to get them back through their recovery processes.
Bitcoin Cash (BCH), the 29th biggest crypto asset, is a Bitcoin spin-off that came into existence after a hard fork (when a network’s contributors decide to take a blockchain to a completely different direction from others.)
According to its community, its main selling point is that it allows for quicker and faster payments than the first and most popular cryptocurrency, Bitcoin.
Another spin-off is ETC, which is the cryptocurrency powering the Ethereum Classic blockchain and enables network expansion. According to market cap, it is the 25th largest digital asset.
The XRP Ledger’s underlying token, XRP, was initially known as Ripple, after the cryptocurrency payments business that XRP’s developers founded. A blockchain called the XRP Ledger was created to assist banks and other financial institutions in moving money quickly and cost-free. The market capitalization of XRP is currently $19.6 billion.
Similar to XRP, XLP is a token that is used on the Stellar blockchain and payment network. It is also sort of a spinoff. A co-founder of Ripple developed Stellar to make international money transfers more affordable. The market capitalization of XLP is currently $2.2 billion.
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