Coinbase Wallet announced it will discontinue support for four major cryptocurrencies—Bitcoin Cash (BCH), Ethereum Classic (ETC), Stellar (XLM), and Ripple’s XRP Ledger (XRP)—effective January 2023. The decision stems from "low usage" of these assets, according to an official note published on Coinbase’s support site.
Why These Tokens Are Being Delisted
Each of the four delisted tokens gained prominence during the 2017 crypto bull run but has since seen declining market relevance:
- Bitcoin Cash (BCH) and Ethereum Classic (ETC) have lost significant market share.
- Stellar (XLM) ranks 28th by market capitalization.
- XRP Ledger (XRP) remains an exception, holding its position as the 7th-largest cryptocurrency.
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What Happens to Existing Holdings?
Coinbase clarified that users won’t lose their assets. Unsupported tokens will remain tied to their original wallet addresses and can be accessed via a recovery phrase. However:
- After January 2023, users must migrate assets to another non-custodial wallet supporting these networks.
- Always verify network compatibility before receiving assets to avoid accessibility issues.
Key Reminder: This change affects only Coinbase Wallet. Trading and custody services on Coinbase.com and the Coinbase Exchange app remain unchanged.
Market Impact and User Trends
PYMNTS research highlights shifting consumer preferences:
- Only 3% of crypto-aware consumers hold Bitcoin Cash (BCH), and 2% hold Stellar (XLM).
- 66% have used crypto debit/gift cards for in-store purchases.
- 26% show strong interest in crypto payments for merchant rewards.
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FAQs
1. Can I still trade BCH, ETC, XLM, or XRP after the delisting?
Yes, but only via Coinbase.com or the Coinbase Exchange app—not Coinbase Wallet.
2. How do I transfer my delisted tokens?
Export your recovery phrase to a compatible wallet like MetaMask (for ETC) or Trust Wallet (for XRP).
3. Why did Coinbase Wallet make this decision?
Low user activity and declining market adoption prompted the move.
4. Will Coinbase delist more tokens in the future?
No official announcements exist, but periodic reviews of asset performance are likely.
5. Are these tokens still good investments?
Market dynamics vary; research each project’s fundamentals and recent developments.
6. How does this affect staking or DeFi interactions?
Staking/DeFi requires network support—migrate to a wallet that accommodates these functions.
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