According to a recent business blog post, the leading cryptocurrency exchange in the United States, Coinbase Global Inc., revealed that as of January 2023, its wallet would no longer handle Ethereum Classic (ETC), Bitcoin Cash (BCH), XRP, and Stellar (XLM).
Quick facts
Users will still be able to access their assets on this wallet using a recovery phrase, according to Coinbase, which stated that the modification — which was initially planned to go into effect on Dec. 5 — was caused by "low usage."
The exchange forewarns customers that they risk losing their unsupported assets if they attempt to send or receive them on the site.
The largest of the four, XRP, increased 5% to US$0.49 in the 24 hours leading up to 10:30 a.m. in Hong Kong, despite the unfavorable attitude around these coins. All four tokens climbed in Wednesday early trading in Asia along with most of the major tokens. In the same period, there was a minimum 2.2% increase in ETC, BCH, and SLM.
XRP in particular may have caught some investors off guard because, according to CoinMarketCap, it is presently the seventh-largest cryptocurrency by market valuation.
As the deadline for filing summary judgments by both parties approaches in the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs Inc., whose payment network is powered by XRP, XRP has received a lot of attention recently.
Since their inception, BCH and ETC, two forks of the two most popular cryptocurrencies, Bitcoin and Ethereum, have had erratic usage. ETC experienced a spike in interest prior to the eagerly awaited Ethereum Merge, but it has lost more than 50% of its value since August and is currently trading at $20.38 as of Wednesday morning.