Coinbase recently announced that its wallet service will no longer support Bitcoin Cash (BCH), Ethereum Classic (ETC), Stellar (XLM), and Ripple (XRP) starting January 2023. The decision stems from the low usage rates of these assets and their underlying networks.
Key Details of the Announcement
- Affected Assets: BCH, ETC, XLM, XRP (ranked #7, #25, #28, and #29 by market cap, respectively).
- Effective Date: January 2023.
- Risk Warning: Users attempting to send/receive unsupported assets via Coinbase Wallet may permanently lose funds.
- Scope: The change applies only to Coinbase Wallet and does not impact trading or holding these assets on Coinbase.com or Coinbase Exchange.
👉 Learn more about Coinbase Wallet’s supported assets
Why Is Coinbase Dropping These Assets?
Coinbase emphasized low adoption as the primary reason. By streamlining supported networks, the wallet aims to:
- Reduce maintenance complexity.
- Focus on higher-utility cryptocurrencies.
- Minimize user confusion and potential errors.
FAQs
Q: Can I still trade BCH, ETC, XLM, or XRP on Coinbase?
A: Yes. This update affects only Coinbase Wallet. The exchange and trading platforms remain unchanged.
Q: What happens if I send unsupported assets to Coinbase Wallet?
A: Funds may become irrecoverable. Always verify asset support before transferring.
Q: Are other wallets dropping these assets too?
A: Policies vary by platform. Check your wallet provider’s official guidelines.
Q: How should users holding these assets prepare?
A: Migrate to a compatible wallet (e.g., Ledger, Trust Wallet) before January 2023.
👉 Explore secure alternatives for storing BCH, ETC, XLM, and XRP