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    Coinbase Wallet To Stop Supporting BCH, ETC, XRP, and XLM

    Cryptory.net - Coinbase will no longer support BCH (Bitcoin Cash), ETC (Ethereum Classic), XRP (Ripple) and XLM (Stellar) as of December 5 due to “low usage”.

    Coinbase plans to stop supporting BCH (Bitcoin Cash), ETC (Ethereum Classic), XRP (Ripple) and XLM (Stellar) and their related networks on December 5, according to an update on the exchange’s website.

    “After careful evaluation, we will be removing support for several networks with low activity on Coinbase Wallet starting in January 2023—including BCH, ETC, XLM & XRP. These routine evaluations allow us to continue investing in new features that make web3 more accessible.”

    However, users can still withdraw funds after that date through a recovery phrase: “This does not mean your assets will be lost. Any unsupported asset that you hold will still be tied to your addresses and accessible through your Coinbase Wallet recovery phrase.”

    The reason given by Coinbase is because of “low usage”, even though they were mostly standout tokens of the crypto market in 2017. It should be noted that Coinbase’s app – Coinbase Wallet, which plans to stop supporting these tokens, not the exchange itself. The company previously suspended XRP transactions in January 2021 in response to US Securities and Exchange Commission taking legal action against Ripple. Except for “low usage” that doesn’t seem convincing enough, it’s still unclear why its wallet app stops supporting BCH, ETC, and XLM.

    At the time of writing, XRP remains the 7th largest cryptocurrency by market cap with $19.6 billion, 24-hour trading volume approaching $1 billion across all exchanges, according to CoinGecko. BCH and ETC are forked versions of two popular cryptocurrencies – Bitcoin (BTC) and Ethereum (ETH) – that have both  lost large portions of total cryptocurrency market share since being issued over five years ago.

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