Coinbase will stop supporting Ripple (XRP) and Bitcoin Cash (BCH) at this date!

Coinbase will stop supporting Ripple (XRP) and Bitcoin Cash (BCH) at this date!

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Answer Coinbase will stop supporting Ripple (XRP) and Bitcoin Cash (BCH) at this date!

The repercussions of the crypto winter are continuing, from a sharp collapse in cryptocurrency prices to the collapse and bankruptcy of crypto companies.

Recently, Coinbase announced that it will no longer support Ripple (XRP), Bitcoin Cash (BCH), and others.

The team announced On December 5, 2022 As a deadline for stopping support for the mentioned cryptocurrencies.

Coinbase said that users will be able to access their holdings in these assets through a Coinbase wallet recovery phrase.

While these digital currencies will lose support for accessing Dapps on the networks.

Reason for deletion:

Apart from Ethereum and all networks that are compatible with the EVM, Coinbase also supports nine other networks.

Read:SWIFT announces that the current trend will be towards blockchain and open economy

They include:

BNB, Polygon, Solana, Arbitrum.

He told the Coinbase wallet team that he has seen low usage of Bitcoin Cash (BCH), Ethereum Classic (ETC), Stellar (XLM) and Ripple (XRP).

Support will only be provided until December 5, after which sending or receiving coins declared to be deleted will not be supported through the Coinbase wallet.

As quoted in issued statement Tuesday:

As of December 5th, 2022, Coinbase will no longer support the following assets and networks due to reduced usage: BCH, ETC, XLM, and XRP.

Lack of backing up assets does not mean losing user assets.

For the process of redeeming these unsupported assets, users will need to import their recovery phrase on another third party wallet provider that supports these networks.

Coinbase, a self-custodial crypto wallet, allows storage of cryptocurrencies and non-fungible tokens (NFT).

Coinbase and Ripple:

After the Securities and Exchange Commission claimed that XRP was a security in 2020, several US crypto platforms and companies including Coinbase delisted the XRP cryptocurrency.

Read:Positive sentiment jumps crypto derivatives trading volume to $3.12 trillion

Coinbase recently supported the Ripple case in the XRP lawsuit.

Coinbase has stepped forward to support Ripple by submitting the “Amicus Curiae” certificate.

Despite the long-running lawsuit against the US Securities and Exchange Commission (SEC), Ripple (XRP) has the support of a large crypto community.

With a market cap of around $20 billion, XRP is currently ranked 7th based on market cap.

Read also:

FTX pays employees and service providers outside of the United States of America

Coinbase is preparing to expand into Europe by hiring four new CEOs

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