Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,071 trillion. Bitcoin is up by over 3% after a successful week. Ethereum decreased by almost 2% over the past seven days. XRP gained nearly 2% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
According to an update on the crypto platform’s help page, Coinbase wallet will no longer support payment network Ripple’s XRP token. The digital asset is not the only cryptocurrency Coinbase has delisted as Bitcoin Cash, Ethereum Classic, and Stellar will also be unavailable.
Coinbase Halts Wallet Support for XRP, BCH, ETC, and XLM
The delisting will take effect from January next year and Coinbase’s wallet application will drop support for the aforementioned tokens. Coinbase Wallet like MetaMask and similar providers is a self-custody mobile-based wallet service. The app supports a broader range of cryptocurrencies than its peers. However, following the company’s latest move, clients will no longer be able to store their XRP, BCH, ETC, and XLM.
Coinbase Wallet can only store supported cryptocurrencies and access dapps on supported networks.”
No Unsupported Transactions Via Wallet App
Additionally, from January next year, Coinbase will not allow users on the wallet app to purchase, sell or conduct operations involving the affected assets. The company made sure to clarify in its post that assets that are currently on its wallet offering will be preserved. Rather than causing users to lose funds they currently hold, the firm will keep the assets tethered to their address.
This does not mean your assets will be lost. Any unsupported asset that you hold will still be tied to your address(es) and accessible through your Coinbase Wallet recovery phrase.”
Coinbase issued a warning that trading the delisted tokens via the wallet would result in a loss. Notably, however, the delisting does not affect the status of the tokens on Coinbase.com. Nor does it affect trading of the coins on its exchange app; just the wallet. The post also provided instructions for users who may have to view or move the unsupported tokens following the delisting.
You will need to import your recovery phrase on another non-custodial wallet provider that supports these networks.”
Low Usage, Coinbase Explains
XRP’s presence on the list may have been surprising due to the token’s status as the 7th largest cryptocurrency by market cap. The crypto network has been locked in a prolonged legal battle with the US Securities and Exchange Commission for years. XRP has managed to hold its own even weathering the FTX collapse with CEO Brad Garlington showing interest in the failed platform’s assets.
However, in its release, Coinbase cited a reduction in use as the crux reason for the recent slew of removals. ETC’s and BCH’s removals while also surprising, might be less shocking. Both coins emerged from the top two cryptos by market cap, Bitcoin and ETH. At present, the affected coins are yet to react to the news. XRP and ETC are both up by 5% in the past 24 hours, while XLM has accrued ~3.5% in green.