Coinbase Wallet will no longer support Bitcoin Cash (BCH), Ethereum Classic (ETC), Stellar Lumen (XLM), and Ripple (XRP). In its assessment, the crypto firm cited “low usage” of the four tokens.
Coinbase Wallet clarifies delisting speculations
The announcement specifically mentions Coinbase’s app, Coinbase Wallet, rather than the exchange itself delisting the tokens.
“This does not mean your assets will be lost,” it clarified. “Any unsupported asset that you hold will still be tied to your address(es) and accessible through your Coinbase Wallet recovery phrase.”
The company previously stopped trading XRP in January 2021 in reaction to the US Securities and Exchange Commission suing Ripple in a case that is now pending.
With a market cap of $19.6 billion and a 24-hour trade volume of approximately $1 billion on all exchanges, XRP continues to be the seventh-largest cryptocurrency by market cap.
BCH and ETC, forks of the two most widely used cryptocurrencies, have both seen significant declines in market share since their launch more than five years ago.
It’s unclear what caused its wallet app to stop supporting BCH, XLM, and ETC.
Coinbase stated in November that its transaction revenue had dropped 44% from $655 million in the second quarter of 2022 to $366 million in the third quarter.