(CTN News) – As of December 5th, 2022, the Coinbase Wallet, one of the most popular cryptocurrency exchange platforms, has announced that it will no longer support XRP and three other tokens as of that date.
The update was given today stating that the coins are no longer supported by the platform.
Some Coinbase users were surprised to learn about the change, with the platform citing “low usage” as its reason for making the change.
Along with XRP, there are three other tokens that you should know about, including Bitcoin Cash, Ethereum Classic, and Stellar. Then, Coinbase will cease to support all four coins on the same date until the end of the year.
There are four major tokens that have been removed from Coinbase
The cryptocurrency firm surprised clients by announcing today that four of the most popular tokens will no longer be supported by the platform. This was a surprise to many users.
In a recent announcement, Coinbase announced they would no longer be supporting digital assets and networks for which there is low use as of December 5th, 2022: Bitcoin Cash, Ethereum Classic, XLM, and XRP, for which low usage is the reason.
As part of the announcement, Coinbase also clarified that “This does not mean that your assets will be lost.” The company later on to clarify that, “Any unsupported assets you have will still be tied to your address(es) and also accessible through your Wallet recovery phrase.”
According to the Coinbase wallet recovery phrase statement, unsupported tokens will still be able to be accessed through the wallet recovery phrase.
In spite of this, any actions taken with unsupported tokens after the December 5th deadline will result in them being deleted from your account.
The rescinding of support for the platform means that the four tokens will now lose access to the DApps and the networks on which they are supported. In addition, this change results in a decrease in the number of platforms available to Coinbase users.
On the other hand, Coinbase supports a wide range of networks.
It includes Ethereum-compatible networks as well as EVM-compatible networks like Polygon, BNB Chain, and Optimism. Accordingly, the reason for why XRP has been unsupported outside of Coin base’s claims of low usage has not been outlined, and therefore, it is unclear what the reason is.