Coinbase Wallet, the self-custody digital wallet from leading US crypto exchange Coinbase, has announced the discontinuation of support for several cryptocurrencies due to low usage. Effective January 2023, the wallet will no longer support XRP, Stellar (XLM), Bitcoin Cash (BCH), and Ethereum Classic (ETC).
Key Changes and Rationale
Coinbase Wallet stated that the decision followed a thorough evaluation of network activity and user engagement:
"After careful evaluation, we will be removing support for several networks with low activity on Coinbase Wallet starting in January 2023, including BCH, ETC, XLM, and XRP. These routine evaluations allow us to continue investing in new features that make Web3 more accessible."
The move aligns with Coinbase’s strategy to optimize resources for high-demand assets and innovations, such as its recent NFT marketplace integrations with OpenSea and Rarible.
What Users Need to Know
Asset Safety and Access
- No loss of funds: Unsupported assets held in Coinbase Wallet will remain secure but inaccessible via the wallet interface after January 2023.
- Alternative access: Users can migrate assets by importing their recovery phrase to another non-custodial wallet supporting these networks.
👉 Learn how to securely transfer your assets
Impact on Coinbase Exchange Accounts
Balances held on Coinbase.com or the Coinbase mobile app (exchange accounts) are unaffected by this change.
Market Context
At the time of announcement:
- XRP: $0.40
- XLM: $0.089
- BCH: $112
- ETC: $20.22
Frequently Asked Questions (FAQs)
1. Will I lose my XRP or other assets if they’re in Coinbase Wallet?
No. Assets remain on their respective blockchains; you’ll need to use a compatible wallet to access them.
2. Can I still trade these assets on Coinbase’s exchange?
Yes. This change only affects Coinbase Wallet (self-custody). Exchange trading continues as usual.
3. What wallets support XRP, XLM, BCH, and ETC?
Popular options include Trust Wallet, Ledger Live, and Exodus. Always verify compatibility before transferring.
👉 Compare wallets for your assets
4. Why is Coinbase removing these assets?
Low usage and resource optimization for higher-priority features like NFT integrations.
Final Notes
Coinbase emphasizes that such updates reflect its commitment to a streamlined Web3 experience. Users are advised to act before January 2023 to avoid disruptions.
For real-time updates, monitor Coinbase Wallet’s official channels.
Disclaimer: This content is for informational purposes only. Cryptocurrency investments involve risks; conduct independent research before making decisions.
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