Coinbase, which is one of the largest cryptocurrency exchange agencies in America, published a list of cryptocurrencies that will not be supported by the firm through their wallet app. The loss includes the name of some of the largest cryptocurrencies like Ripple’s XRP, which is estimated to be the seventh largest asset by market cap.
The announcement which was made on Tuesday made it clear that currencies like Bitcoin Cash (BCH), Ethereum Classic (ETC), Ripple (XRP), or Stellar (XLM) are delisted from their wallet app. The delisting will come into effect from January 23, 2023, onwards.
As for the explanation about this move, Coinbase replied that it was owing to the low usage of the mentioned coins that they have decided to delist them. The Coinbase wallet is a self-custody crypto wallet that guarantees the user control over their crypto, keys, and data.
The functioning of the wallet can be seen as similar to other wallets like the MetaMask but the Coinbase wallet provides its user with different methods of support for their crypto assets.
The announcement made by the Coinbase wallet means that the users of the mentioned currencies will be denied provisions to send, receive, buy or sell those assets through the app. This does not mean that coins and tokens cannot be accessed through the exchange, the new change is applicable only to the Coinbase wallet app.
The firm also made it clear that even though they have removed the mentioned currencies from their wallet, the users will be able to recover those assets through the recovery phase.
The delisted tokens;
◾ Bitcoin Cash (BCH)
The asset is a spin-off of the highest-valuing cryptocurrency Bitcoin. The coin was created in the year 2017. Following the year after its introduction, Bitcoin was again split into two cryptocurrencies, Bitcoin Cash and Bitcoin SV.
As of now, BCH is the 29th largest digital asset. The main selling point for the coin, according to its community, is that it is faster than the biggest cryptocurrency Bitcoin while being used for payments.
◾ Ethereum Classic (ETC)
Currently ranked as the 25th biggest asset by market cap, Ethereum Classic was created in 2016. ETC is the cryptocurrency behind the Ethereum Classic Blockchain.
As a result of the exploitation of a flaw in The DAO project’s smart contract software which led to the theft of Ether of the estimated value of $50 million, the Ethereum network split into two separate blockchains – Ethereum (ETH) became the one with the altered history and Ethereum Classic (ETC) became the one with the unaltered history.
◾ Ripple (XRP)
Originally called Ripple, XRP is the token behind XRP Ledger. The XRP Ledger was designed with the aim to help financial institutions like banks to move money faster and that too without fees. Ripple was released in the year 2012. Ripple is based on an open-source, distributed protocol.
XRP had very vast support from many but the legal battle between Ripple and SEC prompted most of its supporters to abandon their support and withdraw their engagement. Among the list of other cryptocurrencies with the most market capitalization, it currently occupies the seventh position.
XRP allowed up to 50,000 transactions per second worldwide which made it one of the most promising tokens of recent times. The speed was allowed regardless of the size of the transactions.
◾ Stellar (XLM)
It is a native currency of Stellar and it is a blockchain-based payment network. It is a decentralized payment network and allows the user to transfer funds quickly, at a very low cost.
Even after the negative news like the bankruptcy news of FTX, people are seen investing heavily in Bitcoins. Taking the recent events concerning the crypto market, it can be inferred that the removal of these tokens from the wallet as new and small investors tend to avoid altcoins or meme coins while making a choice as to where to invest their money so that they make no mistake to avoid loss.
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