The Coinbase wallet will no longer support Bitcoin Cash, XRP, Ethereum Classic, Stellar Lumen, and their related networks, according to a Nov. 29 announcement on Coinbase’s help pages. The crypto company justified its choice by pointing to “low usage” of the four tokens.
The announcement stated that all of the listed assets owned will not be lost. They will still be linked to the wallet addresses and can be accessed via the Coinbase Waller recovery phrase.
For clarification, the announcement wrote that the tokens are delisted from the Coinbase Wallet app specifically — not the Coinbase exchange.
The company previously halted trading of XRP back in January 2021 due to the ongoing U.S. Securities and Exchange Commission versus Ripple case. What caused its wallet app to stop supporting BCH, XLM, and ETC is unknown.
Coinbase has backed a group of investors who have sued the U.S. Department of Treasury’s Office of Foreign Asset Control for its sanctions against cryptocurrency mixer Tornado Cash. In the second quarter of 2022, the company’s transaction revenue was approximately $655 million; in the third quarter, it was $366 million, according to a report released in November.
