Coinbase announced today that it will discontinue support for several cryptocurrencies, including Bitcoin Cash (BCH), Ethereum Classic (ETC), Ripple (XRP), and Stellar (XLM). Starting December 5, users will only be able to transfer these assets out of their Coinbase Wallet.
Why Is Coinbase Dropping Support?
The decision stems from low usage rates of these assets. Despite their historical significance in the crypto space, trading volumes and wallet interactions for these coins have declined significantly.
- Bitcoin Cash (BCH): Ranked #23 by market cap, BCH was created from a 2017 Bitcoin hard fork.
- Ethereum Classic (ETC): The original Ethereum chain before ETH transitioned to Proof-of-Stake (#25 in market cap).
- Ripple (XRP): Still the 7th-largest cryptocurrency by market capitalization.
- Stellar (XLM): Ranked #26, known for fast cross-border payments.
👉 Looking for a wallet that supports these assets?
What Should Users Do?
Withdraw Funds Before December 5
- After the cutoff, users must undergo a recovery process to access these funds, which could be time-consuming.
Explore Alternative Wallets
- Consider non-custodial wallets like MetaMask (for ETC) or Ledger (for XRP).
Impact on the Crypto Ecosystem
Coinbase’s move may further reduce liquidity and demand for these assets, potentially affecting their market value. Investors should monitor:
- Exchange Listings: Will other exchanges follow suit?
- Developer Activity: Are these blockchains still innovating?
Why This Decision Is Controversial
Coinbase Wallet continues supporting thousands of lesser-known tokens (e.g., ERC-20 memecoins) while delisting established assets like XRP. Some speculate this aligns with regulatory pressures, particularly regarding XRP’s ongoing SEC lawsuit.
FAQs
1. Can I still trade BCH, ETC, XRP, or XLM on Coinbase Exchange?
- Yes, this change only affects Coinbase Wallet. The exchange still supports trading for these assets.
2. What’s the easiest way to migrate my funds?
- Use the Coinbase Wallet export feature to transfer to a compatible wallet (e.g., Trust Wallet for XLM).
3. Will this delisting affect the price of these cryptocurrencies?
- Short-term volatility is likely, but long-term value depends on utility and community support.
👉 Need a secure alternative? Explore multi-chain wallets here.