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Coinbase has begun to take drastic steps in order to make its business more efficient, especially during the ongoing downturn in the cryptocurrency market after the collapse of the FTX exchange due to a liquidity crisis. In its latest announcement, the exchange said that 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 Wallet will end support for these coins on December 5, according to the company.
While XRP With a market capitalization of more than $20 billion (roughly Rs. 1,64,880 crores), individual valuations of Biosafety Clearing-HouseAnd the xlmand ETC is hovering above the $2 billion (roughly Rs. 16,323 crores) mark each, data as per CoinMarketCap show up.
Coinbasein an announcement published 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 Asset that you own will remain associated with your address(es) and accessible at Coinbase wallet Recovery phrase,” the exchange, which was founded in 2012, referred to in The official update.
Coinbase’s self-wallet first arrived as a mobile app in 2017. It only stores cryptocurrencies that are still backed by the exchange.
Starting next year, Coinbase users will not be able to buy, sell, send or receive these crypto assets via its wallet.
“To view or transfer these assets after January 2023, you will need to import your recovery phrase on another non-security wallet provider that supports these networks,” the company added.
Coinbase Wallet currently supports “thousands of tokens” including all ERC-20 tokens. stablecoins Such as USD coin And the DIA Also supported by the digital wallet.
Coinbase’s decision has escalated to become a topic of discussion for the crypto community, in regards to messages of deleted altcoins, especially Ripple, starting to appear on Facebook. Twitter.
That it could somehow be part of a settlement of a lawsuit against Ripple.
This coinbase will stop supporting 4 networks (Bitcoin Cash, Ethereum Classic, Stellar, and XRPL) in an unrestricted wallet because of this.
Why are you even trying to make such links?!
– FloFlo (Kneteknilch) November 29, 2022
Sorry, this is sad to #ripple
Could this be their lawsuit??
What will happen to its price in December???– 999 #7525 (@TrxCoin9) November 29, 2022
Transaction revenue for Coinbase Projection increased by 44 percent in the third quarter of 2022, and managed to generate revenue of $365.9 million (roughly Rs. 3,022 crores).
It was almost twice the figure – at $655.2 million (roughly Rs. 5,400 crores) in the second quarter of 2022 between April and June.
The company, which is headquartered in San Francisco, US, takes a slew of decisions to ensure that its users are not exposed to tokens that may spread financial threats, especially now that Coinbase is focusing on international expansion.
company recently hired Senior executives to lead its teams in the Europe, Middle East and Africa (EMEA) regions.
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