Coinbase, the top US cryptocurrency exchange, has announced that it will no longer support low-volume cryptocurrencies in its self-custody digital wallets.
According to Coinbase Wallet, withdraw XRP, Stellar (XLM), Bitcoin Cash (BCH), and Ethereum Classic (ETC) plug by next year.
After careful evaluation, starting January 2023, we will be removing support for several networks with low activity on Coinbase Wallet, including BCH, ETC, XLM, and XRP.
Coinbase Wallet says it can evaluate crypto assets to roll out better features. Earlier this year, we launched an update that allows users to see offers directly from the leading non-fungible token (NFT) marketplaces OpenSea and Rarible.
“These regular evaluations allow us to continue to invest in new features that make Web3 more accessible.”
The company assures users that they will not lose unsupported assets held by them.
Please be assured that the balance of these assets held in your Coinbase account (Coinbase.com or Coinbase mobile app) will not be affected.
According to Coinbase, customers with unsupported assets will continue to have access through the Coinbase Wallet recovery phase.
In order to view or transfer these assets after January 2023, you will need to import your recovery phrase into another non-custodial wallet provider that supports these networks.
At the time of writing, XRP is trading at $0.40, XLM at $0.089, BCH at $112 and ETC at $20.22.
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