America’s biggest exchange Coinbase (COIN) announced to delist of Ripple’s XRP, Bitcoin Cash (BCH), Ethereum Classic (ETC), and Steller (XLM) from its wallet product, citing “low usage.”
Key Takeaways
Coinbase to delist XRP, Bitcoin Cash, Ethereum Classic, and XLM.
These assets won’t be available from January 2023.
Users with these cryptocurrencies in their balance won’t lose it and can recover it through the “Coinbase Recovery Phase.”
Ripple’s XRP Ledger (XRP), Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM) will no longer be available for users to buy, sell, and trade, and it will be effective from January 2023, said Coinbase. It also added that users with these crypto assets on their balances wouldn’t lose them and be able to recover them via the “Coinbase Recovery Phase.”
One of the not-to-be-supported assets, XRP— the 7th largest cryptocurrency with a market capitalization of over 20 billion— is currently facing an ongoing case with the SEC. Ethereum Classic (ETC) is the 25th-largest coin by market capitalization and a spinoff of Ethereum. It was created after the DAO hack in 2016. Bitcoin Cash (BCH) is a Bitcoin spinoff aimed at allowing more transactions and decreasing transaction fees and time. Steller (XLM) is an open-source, decentralized payment network.
Coinbase’s move for delisting these assets isn’t explicit yet, but if something is certain, it’s that Coinbase doesn’t have issues against these assets and even supported XRP over its heating case with the SEC.
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