Coinbase Wallet Ends Support for ETC, BCH, XRP, XLM

The largest US-based cryptocurrency exchange Coinbase Global Inc. announced that their wallets will no longer support Ethereum Classic (ETC), Bitcoin Cash (BCH), XRP, and Stellar (XLM) as of January 2023, according to a news release. recent company blog post.

See related posts: Coinbase CEO Reaffirms Exchange’s BTC Holds After CZ’s Tweet

Quick Info

  • Coinbase said the update — originally slated to go into effect on December 5 — was due to “low usage,” although users will still be able to access their funds on the wallet by using the phrase restore.

  • The exchange warns users that any attempt to send or receive unsupported assets on the platform will result in users losing them.

  • Despite the bearish sentiment towards these tokens, all four of these tokens are up in Wednesday morning trading in Asia alongside most of the major tokens, with the largest of the four. announced, XRP, up 5% to US$0.49 in the 24 hours to 10:30 a.m. in Hong Kong. ETC, BCH, and SLM are all up at least 2.2% in the same time frame.

  • The end of support for XRP in particular may surprise some investors, as it is currently the seventh-largest cryptocurrency by market capitalization, according to CoinMarketCap.

  • Recently, XRP has received a lot of attention when the US Securities and Exchange Commission (SEC) sued Ripple Labs Inc., whose payment network is powered by XRP, the date is nearing for both parties. make a summary judgment.

  • BCH and ETC are both forks of the top two cryptocurrencies, Bitcoin and Ethereum, and have seen inconsistent usage since they were created. ETC has seen interest spike ahead of the much-anticipated consolidation on Ethereum, but has lost more than 50% of its value since August to trade at $20.38 on Wednesday morning.

See related posts: SEC Receives Support From New Sports Economics Institute In XRP Case Against Ripple


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