The changing signs of the times? Coinbase Wallet has announced the abandonment of support for four cryptocurrencies still considered by some to be major. Ripple’s XRP, Bitcoin Cash (BCH), Stellar (XLM) and Ether Classic (ETC) will soon no longer be able to be used on the wallet.
Coinbase wallet drops some cryptocurrencies
The news was shared in a terse statement from Coinbase Wallet, which appeared yesterday. We learn that the service updates the supported cryptocurrencies, and that these will no longer include assets from Ripple, Bitcoin Cash, Stellar and Ethereum Classic. Coinbase clarifies that the decision was made because of a “low usageof these.
As of January 2023, Coinbase Wallet users still holding these cryptocurrencies will have to transfer them to wallets that take them into account. As a reminder, Coinbase Wallet is the only service affected, the exchange platform of the same name continues to list these tokens.
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An announcement that surprised
The announcement surprised users, some of these assets are still sometimes considered heavyweights in the sector. In particular Ripple’s XRP, which is the 7th most capitalized cryptocurrency at the moment, at 20.3 billion dollars. ETC is 25th, and had a brief resurgence in general interest during the switch from Ethereum (ETH) to proof of stake. Stellar (XLM) and Bitcoin Cash (BCH) occupy the 28th and 29th place in the ranking of the most capitalized cryptocurrencies.
That said, one cannot help but think when seeing the list that this is the “old generation”. XLM was created in competition with XRP, Ethereum Classic was swallowed up by its Ethereum fork, and Bitcoin Cash is itself a fork of Bitcoin (BTC). The enthusiasm for these projects was gradually replaced to move towards the top 10 that we know today.
It is however interesting that Coinbase Wallet made this choice, without explaining it more than a lack of activity. Especially for Ripple’s XRP, which remains a major cryptocurrency network.
👉 To go further – What is Ripple and XRP?
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Source: Coinbase, press release
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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