Coinbase Wallet has officially announced it will cease support for Bitcoin Cash (BCH), Ripple (XRP), Ethereum Classic (ETC), and Stellar (XLM) starting January 2023, citing low user activity. This decision impacts only the wallet service, not Coinbase.com or its exchange app.
Key Details of the Policy Change
- Unsupported Assets Remain Accessible: Users’ existing holdings will stay linked to their addresses and can be retrieved via the wallet’s recovery phrase.
- Transaction Risks: Post-January 2023, sending/receiving these assets via Coinbase Wallet may result in permanent loss.
- Updated Timeline: Initially slated for December 2022, the cutoff was extended to January 2023.
👉 Explore alternative wallets for these assets
Why These Cryptocurrencies?
- Low Adoption: Coinbase Wallet prioritizes widely used networks like Ethereum, Polygon, and BNB Chain.
Market Performance:
- BCH: Ranked #26 ($112.55)
- XRP: Ranked #7 ($0.40)
- ETC: Ranked #23 ($20)
- XLM: Ranked #25 ($0.089)
Bitcoin Cash’s Countermove: Legal Tender in St. Kitts and Nevis
Despite Coinbase’s exit, Bitcoin Cash may gain legitimacy as legal tender in the Caribbean nation of St. Kitts and Nevis by March 2023. Prime Minister Terrance Drew emphasized “due diligence” with regional banks before finalizing the decision.
“Bitcoin Cash mining and legal tender status align with our economic safeguards.” — PM Terrance Drew
Ripple’s Paradox: Coinbase’s Support Amid SEC Lawsuit
Coinbase’s withdrawal contrasts with its amicus brief backing XRP in the SEC lawsuit. The exchange criticized the SEC’s regulatory ambiguity, bolstering Ripple’s defense.
Community Impact:
- “Ripple’s Army” mobilized global XRP supporters.
- Federal judges approved Coinbase’s legal intervention.
FAQ Section
Q: Can I still trade BCH/XRP/ETC/XLM on Coinbase.com?
A: Yes. This change affects only Coinbase Wallet.
Q: What happens to my unsupported assets after January 2023?
A: They remain tied to your address but require manual recovery.
Q: Why did Coinbase pick these specific cryptocurrencies?
A: Low usage metrics compared to other supported networks.
👉 Learn how to migrate your assets securely
Market Snapshot: Price Trends (November 2022)
| Cryptocurrency | Rank | Price | 3-Month High | Post-FTX Low |
|----------------|-------|----------|--------------|--------------|
| Bitcoin Cash | #26 | $112.55 | $136 | $89 |
| Ripple | #7 | $0.40 | $0.54 | $0.32 |
| Ethereum Classic | #23 | $20 | $41 | $15 |
| Stellar | #25 | $0.089 | $0.13 | $0.08 |
Final Notes
Coinbase’s strategic shift reflects evolving crypto demand, while affected assets pursue alternative growth avenues. Stay informed to navigate these changes effectively.