Ripple’s XRP, Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM) are to be removed from America’s largest exchange’s wallet offering, Coinbase, which cited “limited user adoption.”
These cryptocurrencies will be unavailable starting January 2023, as announced by Coinbase.
Users retaining these digital currencies will maintain access and can retrieve them during the “Coinbase Recovery Phase.”
January 2023 marks the date when these assets will cease to be purchasable, tradable, and sellable through Coinbase, yet customers with these digital assets will not lose access to them and can recover them via the “Coinbase Recovery Phase.”
XRP, one of the unsupported coins, ranks as the 7th largest digital currency boasting a market capitalization exceeding $20 billion and is amid ongoing legal proceedings with the SEC. Ethereum Classic (ETC), the 25th largest coin by market cap, stems from a 2016 hack, diverging from Ethereum. Bitcoin Cash (BCH), derived from Bitcoin, focuses on amplifying transaction volume while minimizing fees and processing times. Stellar (XLM) functions as an open-source, decentralized payment platform.
The rationale behind Coinbase’s decision to delist these currencies remains unclear. Nonetheless, it’s apparent that Coinbase doesn’t oppose these cryptocurrencies, as evidenced by its historic support for XRP during its contentious SEC case.
