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Coinbase Plans To No Longer Support XRP On Its Platform

Coinbase Wallet, a prominent cryptocurrency trading platform, has made the announcement that it will stop supporting XRP along with three other tokens beginning on December 5, 2022.

Some Coinbase users were surprised by the change, with the company claiming “minimal use” as their justification. Bitcoin Cash, Ethereum Classic, and Stellar are the three coins that are available in addition to XRP. As a consequence of this, Coinbase will stop supporting all four cryptocurrencies on the same day.

The revelation that the cryptocurrency company made today, announcing that there are four main tokens that would no longer be accepted by the platform, came as a surprise to its customers. The following currencies and networks will no longer be supported by Coinbase Wallet as of December 5th, 2022, due to low use, as mentioned in the announcement: BCH, ETC, XLM, and XRP.

The statement went on to reassure clients that this did not imply that they would lose their assets, saying, “This does not mean that your assets will be lost.” They also said, “Any unsupported asset that you have will still be connected to your address(es), and your Coinbase Wallet recovery phrase will allow you to access it.”

According to the announcement, the recovery phrase for the Coinbase Wallet will still provide access to tokens that aren’t supported in the future. Nevertheless, if you use unsupported tokens beyond the deadline of December 5 and do any acts, “you will cause yourself to lose them.”

As a result of the platform’s support being withdrawn, the four coins will no longer have access to the decentralised applications (dApps) they were previously supported by. In addition, the adjustment reduces the number of platforms that may be accessed via Coinbase.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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