Coinbase Wallet to Withdraw Support for XRP and Other Cryptocurrencies
- Coinbase cited low usage as the reason for delisting the four cryptocurrencies.
- Bitcoin, the foremost cryptocurrency, has continued its price struggle and, as of this writing, trades at $16,391.73.
- XRP remains the seventh-largest cryptocurrency by market cap.
Coinbase Wallet, a popular cryptocurrency wallet, has announced that it will delist Bitcoin Cash (BCH), Ethereum Classic (ETC), XRP, and Stellar Lumens (XLM) as well as their networks on December 5. The wallet service provider cited “low usage” as the reason for its decision.
Coinbase Wallet, in an official announcement, assured users of the safety of their funds, noting that unsupported assets will remain tied to their addresses and can be accessed via their Coinbase Recovery phrase.
The statement read,
This does not mean your assets will be lost. Any unsupported asset that you hold will still be tied to your address(es) and accessible through your Coinbase Wallet recovery phrase. In order to view or transfer these assets after Dec. 5th, you will need to import your recovery phrase on another non-custodial wallet provider that supports these networks.
The four delisted coins rose to prominence during the 2017 bull market. But, the present bear market has left little room for crypto projects to progress. However, recent data shows that XRP ranks as the seventh-largest cryptocurrency with a 24-hour trade volume of $1 billion across exchanges and a market cap of $19.6 billion. Meanwhile, BCH and ETC have declined like most cryptocurrencies.
Coinbase, like the rest of the crypto market, has endured a difficult year and has had to lay off a huge portion of its workforce. Earlier this month, Coinbase said it initiated another round of layoffs that saw almost 60 employees leave the firm.
Chief Financial Officer of Coinbase, Alesia Haas, noted that the trading platform might initiate more layoffs in the future if market conditions remain unchanged. Haas said the layoffs were aimed at reducing costs and ensuring Coinbase survived the bear market.