From January 2023, Coinbase Wallet users will not be able to buy, sell, send or receive XRP, BCH, ETC, and XLM.
Coinbase Wallet, a self-custody crypto wallet launched by crypto exchange Coinbase, is set to delist four major cryptocurrencies.
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The self-custody wallet will stop supporting four cryptocurrencies starting January 2023, citing "low usage." In a nutshell, it means that from the new year, Coinbase Wallet owners will not be able to buy, sell or send or receive XRP, BCH, ETC, and XLM, using Coinbase Wallet.
On the help page, Coinbase cleared the air about already-owned assets, stating:
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.
Coinbase emphasized that if users attempt to send or receive unsupported assets using Coinbase Wallet, they will lose the crypto used for transactions.
It is worth noting that digital assets are delisted on Coinbase app and Coinbase Wallet but not the crypto exchange.
In January 2021, Coinbase stopped providing XRP trading services due to undergoing an investigation by the United States Securities and Exchange Commission.
In other Coinbase-related news, on November 22nd, the crypto exchange’s founder and CEO Brian Armstrong revealed that Coinbase is holding around 2 million Bitcoin (BTC), valued at around $40 billion.
Earlier this month, Coinbase experienced network connectivity issues caused by FTX collapse. In the message to the public, Coinbase highlighted that users may experience issues while signing in to the platform or “slow loading across the web and the mobile app.” After a few hours, Coinbase fixed the problem, claiming that connectivity issues were caused by “the high level of new user sign-ups and transfers to Coinbase.”