Coinbase Wallet undercuts some cryptocurrencies, including Ripple’s XRP and Bitcoin Cash (BCH).
The changing signs of the times? Coinbase Wallet has announced that it is dropping support for four cryptocurrencies still considered by some to be mainstream. Ripple’s XRP, Bitcoin Cash (BCH), Stellar (XLM) and Ether Classic (ETC) will soon no longer be available in wallets.
Coinbase wallet drops some cryptocurrencies
The news was shared in a brief statement from Coinbase Wallet that surfaced yesterday. We learned that the service is updating supported cryptocurrencies and will no longer include them Assets from Ripple, Bitcoin Cash, Stellar and Ethereum Classic. Coinbase explains that the decision was made for a reason.little useof these.
As of January 2023, Coinbase Wallet users still hold these cryptocurrencies they will have to transfer them to wallets that consider them. Note that Coinbase Wallet is the only service affected, the exchange platform of the same name continues to list these tokens.
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A surprising announcement
The announcement confused users, some of these entities they are still sometimes considered the heavyweights of the sector. Especially Ripple’s XRP, the 7th most capitalized cryptocurrency at $20.3 billion. ETC is ranked 25th, and there was a brief resurgence in general interest during the transition from Ethereum (ETH) to proof-of-stake. Stellar (XLM) and Bitcoin Cash (BCH) occupy the 28th and 29th places in the ranking of the most capitalized cryptocurrencies.
That is, when looking at the list, one cannot help but think this “old generation”. XLM was created in competition with XRP, Ethereum Classic was absorbed by its Ethereum fork, and Bitcoin Cash itself is a Bitcoin (BTC) fork. Enthusiasm for these projects gradually gave way to the top 10 we know today.
However, it is interesting that Coinbase Wallet made this choice with no explanation other than a lack of activity. Especially for Ripple’s XRP, which remains the main cryptocurrency network.
? To go further – What is Ripple and XRP?
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Source: Coinbase, press release
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A journalist at Cryptoast, I fell into the cauldron of cryptocurrencies a few years ago. I’m passionate about innovative blockchain-powered technologies and love finding the crunchiest information to share with you.
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