Coinbase Delists XRP, Bitcoin Cash (BCH) and Others from Custody Wallet Citing Low Usage

Coinbase Delists XRP, Bitcoin Cash (BCH) and Others from Custody Wallet Citing Low Usage

America’s biggest cryptocurrency exchange, Coinbase, has announced the delisting of four major cryptos, including XRP and Ethereum Classic (ETC), from its self-custody mobile wallet application.

Coinbase Delists Four Major Cryptos

On Tuesday, November 29th, Coinbase announced that it will delist Bitcoin Cash (BCH), Ethereum Classic (ETC), XRP (XRP), and Stellar (XLM) from Coinbase Wallet – a self-custody mobile app.

As per the announcement, the above-listed assets will no longer be supported by Coinbase Wallet on December 5th. They will no longer be available from January 23rd. 

According to Coinbase, the move was “due to low usage” of the assets on the platform.

Recovering Funds after the Delisting

After the delisting, customers will not be able to buy, sell, send or receive these four assets via Coinbase Wallet. However, Coinbase has assured users that they will not lose their assets during the delisting.

According to Coinbase, the assets will remain tied to their owners’ addresses after delisting and can be accessed through a “recovery phase.” However, they will need to use another non-custodial wallet provider that supports the network to recover the funds.

On the Flipside

  • Coinbase announced that customers will still be able to access the delisted coins and tokens via its exchange.

Why You Should Care

The announcement from Coinbase has raised a level of panic in the market, with some suggesting that the move could be because of Ripple’s lawsuit to determine XRP’s status as a security.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia