The largest US-based cryptocurrency exchange Coinbase Global Inc. announced that their wallets will no longer support Ethereum Classic (ETC), Bitcoin Cash (BCH), XRP, and Stellar (XLM) as of January 2023, according to a news release. recent company blog post.
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Coinbase said the update — originally slated to go into effect on December 5 — was due to “low usage,” although users can still access their funds on the wallet by using the phrase restore.
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The exchange warns users that any attempt to send or receive unsupported assets on the platform will result in users losing them.
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Despite the bearish sentiment on these tokens, all four of these tokens are up in Wednesday morning trading in Asia alongside most of the major tokens, with the largest of the four. announced, XRP, up 5% to US$0.49 in the 24 hours to 10:30 a.m. in Hong Kong. ETC, BCH, and SLM are all up at least 2.2% in the same time frame.
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The end of support for XRP in particular may surprise some investors, as it is currently the seventh-largest cryptocurrency by market capitalization, according to CoinMarketCap.
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XRP has received a lot of attention recently when the United States Securities and Exchange Commission (SEC) sued Ripple Labs Inc., whose payment network is powered by XRP, the date is nearing for both sides. make a summary judgment.
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BCH and ETC are both forks of the top two cryptocurrencies, Bitcoin and Ethereum, and have seen inconsistent usage since they were created. ETC has seen a spike in interest ahead of the much-anticipated consolidation on Ethereum, but has lost more than 50% of its value since August to trade at $20.38 on Wednesday morning.
See related posts: SEC Gets Support From New Institute of Sports Economics in XRP Case Against Ripple
