Coinbase is getting lighter – The digital wallet offered by Coinbase won’t have waited for spring to clean up. The Coinbase Wallet will, in fact, stop supporting 4 projects of cryptocurrencies to make life easier – and complicate that of its users, who will have to change dairies.
More BCH, ETC, XRP and XLM in Coinbase Wallet in January
The fashion effects come and go, and lately it’s been more the NFTthe Challengeand the buzzword “Web3” that sell and catch the eye. In good fashion victimthe company behind the crypto exchange Coinbase has decided to succumb to the fashions of the moment, shedding older projects.
On November 29, 2022, Brian Armstrong’s company announced that its application Coinbase Wallet (a crypto wallet non-custodial) would no longer support the following 4 cryptocurrencies: bitcoin-cash (BCH), Ethereum Classic (ETC), the XRP from Ripple, and Stellar (XLM).
Discontinuation of support for these cryptos will begin in January 2023. The reasons invoked would be, on the one hand, a “low usage” of these blockchain networks on the Coinbase wallet, and on the other hand that the company would favor the hype from Web3.
“After careful evaluation, we will be removing support for several low-activity networks on the Coinbase Wallet starting in January 2023, including BCH, ETC, XLM, and XRP. These routine reviews allow us to continue investing in new features that make Web3 more accessible. »
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Dogecoin will remain supported
Users of these 4 crypto networks will therefore only havea month to turn around and find another compatible wallet. Because beyond January 2023, BCH, ETC, XRP and XLM will no longer be transferable from the Coinbase Wallet. Users will need to use their recovery phrase/private keys to manage their funds via another wallet.
The crypto-stock exchange specifies that this has no impact on the listing of these cryptocurrencies on Coinbase.com. They will remain available atpurchase/holding/transfers on crypto exchange accounts. However, customers do not have not the private keys of “their” cryptos (technically held by Coinbase).
Funny thing, Dogecoin (DOGE) – famous smiling Shiba dog memecorner – will remain supported alongside Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and all EVM-compatible networks (Solana, BNB Chain, Avalanche, Polygon,…).
The 4 projects set aside by the Coinbase Wallet are still listed in the Top 30 of the most valuable cryptocurrencies. Ripple’s XRP even still clings to the 7th place (ahead of Dogecoin, 8ᵉ). Wouldn’t Coinbase’s decision have yielded a little on the edges to the sirens of ease (no more maintenance of the support to ensure) on the one hand, and fashion effect Web3 / the ” hype Elon Musk for the DOGE on the other hand?
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