Key Announcement
BlockBeats reported on November 30, 2022, that Coinbase Wallet will cease support for specific assets and networks due to low usage. Affected cryptocurrencies include:
- Bitcoin Cash (BCH)
- Ethereum Classic (ETC)
- Stellar Lumens (XLM)
- XRP
Timeline and User Actions
Starting January 2023, these assets will no longer be accessible via Coinbase Wallet. Users holding balances must:
- Export their recovery phrase (12-word seed phrase).
- Import it into a non-custodial wallet (e.g., MetaMask, Trust Wallet) to manage or transfer funds.
👉 Learn how to migrate your assets securely
Why Is Coinbase Wallet Making This Change?
The decision aligns with Coinbase’s strategy to streamline services for high-usage assets and improve operational efficiency. Notably:
- Low adoption rates for BCH, ETC, XLM, and XRP within the wallet ecosystem.
- Focus shift toward networks with stronger developer and user activity (e.g., Ethereum, Polygon).
FAQs
1. Can I still trade these assets on Coinbase Exchange?
Yes. This change affects only Coinbase Wallet (self-custody service). The exchange continues to support trading for these assets.
2. What happens if I don’t transfer my funds by January 2023?
Your assets remain on the blockchain but will be inaccessible via Coinbase Wallet. Use your seed phrase to recover them elsewhere.
3. Are there fees for transferring these assets out?
Blockchain network fees (e.g., gas fees) apply, but Coinbase Wallet imposes no additional charges.
👉 Explore alternative wallets for these assets
Pro Tips for Users
- Back up your seed phrase immediately if you haven’t.
- Verify compatibility of your new wallet with BCH, ETC, XLM, or XRP.
- Monitor deadlines to avoid last-minute hassles.
Final Notes
Coinbase Wallet’s update reflects broader industry trends toward optimizing supported assets. Stay proactive to ensure seamless asset management.
For further details, refer to Coinbase’s official announcement.