Crypto wallet Coinbase stoping BCH, ETC, XLM, and XRP support citing 'low usage'
Crypto wallet Coinbase stoping BCH, ETC, XLM, and XRP support citing 'low usage'

Crypto wallet Coinbase stoping BCH, ETC, XLM, and XRP support citing ‘low usage’

The Coinbase, which is one of the largest and oldest cryptocurrency platform in the US has decided to stop supporting some cryptocurrencies and crypto assets like the Bitcoin Cash(BCH), XRP, Ethereum Classic(ETC), Stellar(XLM), and Ripple(XRP).

The Crypto platform Coinbase has mentioned that they will stop the usage and allowance of these four cryptocurrencies at Coinbase from December 5th, 2022. Coinbase mentioned that they will be transferring all the existing funds in these four cryptocurrency categories to their existing users at their existing address mentioned with the Coinbase.

Cryptocurrency platform Coinbase mentioned these new updates and the details on the help page of cryptocurrency exchange platform Coinbase on November 29th. 

This notice was published on Coinbase on November 29th further mentioned that the Coinbase wallet will no lower support the cryptocurrencies and Crypto assets like Bitcoin cash, Ethereum classic, XRP, and all the associated networks with these cryptocurrencies. The reason given by cryptocurrency platform Coinbase for removing these cryptocurrencies from the platform was the low usage of these cryptocurrencies on the platform.

Crypto wallet Coinbase stoping BCH, ETC, XLM, and XRP support citing 'low usage'
source : coinbase.com

The statement on the help page in Coinbase further mentioned that as the platform is removing its support from these cryptocurrencies it does not mean all the users will lose their investments in these cryptocurrencies and all the users who are having their investments at Coinbase will still hold their access to this cryptocurrencies with the address tied by those users with the Coinbase.

The Cryptocenecy exchange platform Coinbase also mentioned that the users who want to check, transact or transfer their cryptos from Coinbase in these 4 crypto categories will be able to access these cryptocurrencies with the help of Coinbase wallets recovery phrase mechanism.

These four types of cryptocurrency assets will witness the stop of their in-app support from the Coinbase Wallet which is the application of the cryptocurrency exchange platform Coinbase But the cryptocurrency exchange mentioned that Coinbase is not delisting these tokens from the publicly listed exchange of the Coinbase platform.

Crypto platform Coinbase has already suspended the support to cryptocurrency XRP also called Ripple from January 2021 in response to the the lawsuit between US security and Exchange Commission and Ripple Labs. In this case, the US security commission is trying to prove that XRP is a security instrument in monetary transactions. The reason for stopping the support of XRP was clear from the Coinbase platform in the XRP case. But this time Coinbase has not cleared the reason for stopping the support to these new cryptocurrencies BCH, ETC, and XLM.