Coinbase Wallet will stop support for four major tokens as of Dec. 5 2022. A notice on its help pages, Coinbase said the wallet will no longer support Bitcoin Cas , XRP , Ethereum Classic and Stellar Lumen , as well as their associated networks. The crypto firm cited “low usage” of the four tokens in its decision.
The announcement also confirmed that users assets will remain on their addresses and will be accessible via the Coinbase Wallet recovery phrase.
The announcement specifically refers to Coinbase’s app, Coinbase Wallet, and not the exchange itself delisting the tokens. The firm previously suspended trading for XRP in January 2021 in response to the United States Securities and Exchange Commission taking legal action against Ripple, a case that is still ongoing. It’s unclear what led to its wallet app removing support for BCH, XLM and ETC.
Coinbase has backed a group of investors filing a lawsuit against the U.S. Department of Treasury over its Office of Foreign Asset Control’s sanctions against crypto mixer Tornado Cash. The firm reported in November that its transaction revenue fell 44% from roughly $655 million in the second quarter of 2022 to $366 million in the third quarter.
