Changing signs of the times? Coinbase Wallet has announced support for four cryptocurrencies still considered big by some. Soon Ripple’s XRP, Bitcoin Cash (BCH), Stellar (XLM) and Ether Classic (ETC) will 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 find that the service updates the supported cryptocurrencies, and those will no longer be counted assets from Ripple, Bitcoin Cash, Stellar and Ethereum Classic. Coinbase clarifies that the decision was made due to “low usageof these.
As of January 2023, Coinbase Wallet users still have these cryptocurrencies they will have to transfer them to a wallet that takes 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 him
The announcement surprised users, some of these assets they are sometimes considered heavyweights in the sector. Especially Ripple’s XRP, which is currently the 7th most capitalized cryptocurrency, at 20.3 billion dollars. ETC is 25th, and had a brief resurgence of general interest during the transition from Ethereum (ETH) to proof of issue. Stellar (XLM) and Bitcoin Cash (BCH) are 28th and 29th in the ranking of the most capitalized cryptocurrencies.
That being said, one can’t 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 itself is a fork of Bitcoin (BTC). Gradually the enthusiasm for these projects changed to move towards the top 10 we know today.
It is interesting, however, that Coinbase Wallet made this choice, without explaining it more than a lack of activity. Especially for Ripple’s XRP, which is still a large cryptocurrency network.
👉 To go further – What is Ripple and XRP?
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Source: Coinbase, press release
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