Coinbase Wallet, a leading self-custody crypto wallet, has announced the discontinuation of support for several cryptocurrencies, including Ripple (XRP) and Bitcoin Cash (BCH), effective December 5, 2022. The decision was attributed to low usage on these networks. Users can still recover their holdings using their Coinbase Wallet recovery phrase but must migrate to alternative wallets for future transactions.
Key Reasons Behind the Decision
Low Network Activity
Coinbase Wallet supports multiple blockchains, including Ethereum, BNB Chain, Polygon, Solana, and Arbitrum. However, the team observed minimal usage on:
- Bitcoin Cash (BCH)
- Ethereum Classic (ETC)
- Stellar (XLM)
- Ripple (XRP)
A official statement clarified:
"Due to low usage, support for BCH, ETC, XLM, and XRP will cease after December 5, 2022. Transactions involving these assets will no longer be facilitated."
👉 Explore alternative wallets for unsupported assets
Implications for Users
- Asset Recovery: Holdings in delisted cryptocurrencies remain accessible via the recovery phrase but require migration to non-custodial wallets supporting these networks.
- DApp Access: After December 5, 2022, users cannot interact with decentralized applications (DApps) on unsupported networks through Coinbase Wallet.
Ripple (XRP) Context
SEC Lawsuit and Community Support
In 2020, the U.S. SEC classified XRP as a security, prompting platforms like Coinbase to delist it. Despite this, Ripple maintains strong community backing. Recently, Coinbase filed an Amicus Curiae supporting Ripple in its lawsuit against the SEC.
Market Performance
As of the latest data:
- XRP Price: $0.389 (+0.87% in 24 hours)
- Market Cap: $19.55 billion (Ranked #7)
FAQs
1. Can I still recover my XRP holdings after December 5, 2022?
Yes, use your recovery phrase on another wallet supporting XRP (e.g., Trust Wallet or Exodus).
2. Why did Coinbase Wallet stop supporting these assets?
The decision was based on low user activity and operational efficiency.
3. Will my assets be lost if I don’t migrate them?
No, but you must transfer them to a compatible wallet to continue transactions.
👉 Learn how to migrate your crypto assets securely
Additional Insights
- Bitcoin Cash (BCH): Suffered declining adoption due to competition from Layer-2 solutions.
- Ethereum Classic (ETC): Lost prominence after Ethereum’s transition to proof-of-stake.
Final Note: Always verify wallet compatibility and conduct independent research before making crypto decisions.
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