Coinbase Wallet is a wallet that supports the Ethereum blockchain as well as all EVM-compatible networks. It comes in a mobile application and a browser extension, which makes it accessible. The mobile version of Coinbase Wallet also supports Bitcoin, Dogecoin, and Litecoin blockchains. By default, several networks, such as Solana, Arbitrum, BNB Chain and Polygon, are configured with the digital wallet. But just recently, Coinbase updated the information about the assets and networks supported by its wallet.
Coinbase Wallet will now refuse native BCH, ETC, XRP and XLM tokens
Coinbase announced that his wallet will no longer accept certain tokens, starting in 2023. He specifically stated: “From January 2023, Coinbase Wallet will no longer support assets and networks […] BCH, ETC, XLM and XRP“. It appears that the platform wants to withdraw the coins concerned due to low usage.
It means that Bitcoin Cash (BCH), Ethereum Classic (ETC), XRP (XRP) and Stellar (XLM) have low wallet storage. It should be noted that the tokens that Coinbase Wallet wants to withdraw have increased in value with the bullish trend that there was on the Bitcoin market in 2017.
Note that XRP is no longer part of the listing Coinbase exchange. However, it is the seventh largest crypto by market capitalization. Currently, the crypto issued by Ripple has an estimated capitalization of $20 billion and it is trading around $0.40.
Unsupported assets can be easily recovered
According to Coinbase, the tokens, which it will no longer support, can still be recovered by users. “This does not mean that your assets will be lost. Any unsupported assets will still be linked to your address and accessible through your recovery phrase“. This is what the Coinbase team explained to this effect.
Coinbase invites users to import their recovery phrases on another suitable non-custodial wallet provider. In this way, they will be able to easily view or transfer their assets after January 23rd.
The exchange urged users to always check Coinbase Wallet’s support for a network. This, before carrying out a transaction. “Verify that Coinbase Wallet supports the network you are receiving assets from. Sotherwise, you will not be able to access these assets“, he explained.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
