Coinbase to delist BCH, ETC, XLM And XRP over Low usage

<strong>Coinbase to delist BCH, ETC, XLM And XRP over Low usage</strong>

Starting December 5, Coinbase Wallet will oust a number of cryptocurrencies from its supported assets. These include BCH, ETC, XLM, and XRP. However, it plans to retain users’ funds in their subsisting wallets. 

Coinbase to halt transactions of selected digital assets

Coinbase released a notification on November 29 stating the possible delisting of certain cryptos from its exchange. According to the memo, come December 5, it will no longer accept deposits and withdrawals of these assets. Bitcoin Cash, Ethereum Cash, XLM, and XRP are assets on the edge of removal from Coinbase Wallet.

The company cited ‘low usage’ as the reason behind this move. Lately, it has recorded low transaction volume in relation to these assets. Nevertheless, there is provision for current asset holders to prevent the loss of their funds. 

It says in the update that any unsupported asset held at the time of delisting will remain linked to users’ wallets address. Hence, a user can access their funds when they log into their wallet using their seed phrase. This measure guarantees the safety of users’ funds regardless of the radical changes. 

Meanwhile, if a user chooses, they can move their assets to a different wallet after December 5. This would only require importing a user’s recovery phrase on another non-custodial wallets that supports these assets. Henceforth, the bourse will only accept supported digital assets and access dApps on propped networks. 

Supported assets on Coinbase 

Notwithstanding the ongoing developments, Coinbase will continue providing support to crucial assets. Per the report, Ethereum and all EVM-related cryptocurrencies will remain accessible on Coinbase wallet extension and mobile app. Although some EVM-compatible assets have been automatically added to the wallet, a user may manually add more. 

Arbitrum, Avalanche C-Chain, BNB Chain, Gnosis Chain, Fantom Opera, Optimism, Polygon, xDai, and Solana are automatically accessible on the exchange. Besides EVM assets and Ethereum, it will also support Bitcoin, Litecoin, and Dogecoin. Users can purchase crytpocurrencies after connecting their accounts to their Coinbase wallets. 

It is worth noting that may not have all the assets supported by Coinbase wallet. Transactions via this medium occurs on the blockchain, hence are bound to network charges. All ERC-20 tokens are accessible on Coinbase. 

USDC and DAI among other stablecoins are usable on Coinbase wallets. Solana-based tokens are also available on the platform for users. For crytpo-to-crypto transactions, users can use Ethereum, BNB Chain, Avalanche C-Chain, and Polygon. 

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Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile writer and researcher. He has keen interest in blockchain technology, cryptocurrencies, NFTs, Web3, metaverse, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.