Coinbase has begun to take drastic steps to make its business more efficient, especially during the ongoing downturn in the crypto market following the collapse of the cryptocurrency exchange. FTX death due to liquidity crisis. In its latest announcement, the exchange said its wallet will no longer support four cryptocurrencies due to low usage. These altcoins are — Bitcoin Cash (BCH), Ripple (XRP), Ethereum Classic (ETC), as well as Stellar Lumen (XLM). Coinbase wallets will end support for these altcoins on December 5, according to the company.
While XRP has a market capitalization of over $20 billion (approximately Rs 1,64,880), the individual valuation of BCH ONLY, XLMand ETC hovering over the $2 billion mark (approximately Rs 16,323 crore) each, data by CoinMarketCap shows.
Coinbasein an announcement posted on November 29, assured holders of these altcoins that their assets would not be lost even after they were removed from the list of cryptocurrencies. supported by its wallet.
“Any unsupported assets you hold will remain linked to your address(s) and be accessible through Coinbase Wallet recovery phrase,” the exchange, founded in 2012, noted in official update.
Coinbase’s self-governing wallet first appeared as a mobile app in 2017. It only stores cryptocurrencies that are still supported by the exchange.
Starting next year, Coinbase users will not be able to buy, sell, send, or receive these delisted crypto assets through their wallets.
“To view or transfer these assets after January 2023, you will need to enter your recovery phrase on another non-custodial wallet provider that supports these networks,” the company added.
Coinbase Wallet currently supports “thousands of tokens” including all ERC-20 tokens. Stable coin As USD and diameter also supported by digital wallet.
Coinbase’s decision has escalated to become the topic of discussion in the crypto community, regarding notices for delisted altcoins, especially Ripple, starting to appear on Twitter.
That it could be part of a settlement settlement against Ripple.
That coinbase will drop support for 4 networks (Bitcoin Cash, Ethereum Classic, Stellar and XRPL) in non-custodial wallets because of that.
Why even try to make such connections?!
– FloFlo (@Kneteknilch) November 29, 2022
Ops this is a sad thing for #Ripple
Could it be their lawsuit??
What will happen to its price this December???— 999#7525 (@TrxCoin9) November 29, 2022
Trading Revenue for Coinbase reduce grew by 44% in Q3 2022 and managed to generate revenue of $365.9 million (approximately Rs 3,022 crore).
This is almost twice as high – at $655.2 million (roughly Rs 5,400) in the second quarter of 2022 from April to June.
As a result, the company based in San Francisco, USA has made a lot of decisions to ensure that their users are not exposed to tokens that could pose financial threats, especially Currently Coinbase is focusing on international expansion.
Recent company rent senior executives to lead its teams in the Europe, Middle East and Africa (EMEA) region.
