Coinbase Crypto Delisting

Coinbase Crypto Delisting Includes 4 Cryptocurrencies From The Wallet

Coinbase crypto delisting is a major event at the end of this year. On Tuesday, 29th of November 2022, America’s biggest crypto exchange Coinbase announced that it will discontinue its support for a couple of cryptocurrencies. This includes Bitcoin Cash (BCH), Ethereum Classic (ETC), Ripple (XRP), and Stellar (XLM) from its wallet. The support for these coins will be completely withdrawn from January 2023 onwards. However, from the 5th of December 2022, the transactions with these coins will be taken down but withdrawals will be active till January 2023.

The company has also issued a notice on Coinbase crypto delisting that states – 

“From January 2023 onwards, Coinbase Wallet will not support the following assets and network systems due to a small number of active users: BCH, ETC, XLM, and XRP.”

The announcement has further added the termination of support for these crypto coins. This states that the users holding these coins in their accounts will not face any issues as their held coins will not disappear from their wallets. The users will be able to recover them using their recovery phrases although they will not be able to buy, sell, send or receive the assets via this app. Coinbase also mentioned on its official website,

“Sending or receiving an asset that is not supported through Coinbase wallets can result in you losing that asset.”

Official Announcement (Source: Coinbase)

It is a bit confusing for crypto investors after knowing about the Coinbase crypto delisting. Considering Ripple (XRP), it is one of the biggest cryptos at this moment. It possesses the seventh-largest market capitalization among all the other cryptocurrencies. The market cap of XRP is $20,127,093,368 having a 24-hour trading volume of $927,909,872 (at the time of writing) as mentioned in CoinMarketCap. Thus, it is clear that XRP is not likely to fall. At the time of writing, the price of XRP is $0.4 and is likely to climb higher. This means that the demand for XRP is not up to the mark on Coinbase.

The crypto trading company has been clear about the reason for the Coinbase crypto delisting. They mentioned that the step has to be taken owing to the “low usage” of the crypto assets on their platform.

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