Coinbase Wallet will suspend support for Ripple (XRP) & many other assets

On Dec 2, 2022

The popular crypto exchange Coinbase decided to suspend support for many crypto assets from its wallet services because of the low activity issues.

Coinbase is a popular US-based Nasdaq-listed crypto exchange, which is known to provide services under a full compliance ecosystem. This exchange provides multiple crypto services including crypto custody services for retail & institutional clients. In terms of 24 hours global crypto trade volume on its platform, the exchange stands at 2nd rank in the digital assets world.

On 30 November, the Coinbase Wallet team announced on Twitter that it will suspend support for BCH, ETC, XLM & XRP. Team also confirmed that routine evaluations forced the team to take this decision.

After this, Coinbase wallet will invest in new features that make web3 more accessible.

1/3: After careful evaluation, we will be removing support for several networks with low activity on Coinbase Wallet starting in January 2023—including BCH, ETC, XLM & XRP. These routine evaluations allow us to continue investing in new features that make web3 more accessible.
— Coinbase Wallet (@CoinbaseWallet) November 29, 2022

Those clients who are holding these mentioned crypto assets, will not face any problem and their funds remain safe without any effect.

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“Rest assured that any balances of these assets held in a @Coinbase account (coinbase.com or the Coinbase mobile app) will not be impacted.”

In some situations, users may face some challenges to access the services for delisted crypto networks but such users can follow the Coinbase support guidelines.

It is worth noting that mentioned crypto assets are better in terms of use case and also popular among the crypto traders and here such steps may impact the customer base of the Coinbase platform.

Ripple (XRP) is among the top 5 crypto assets’ list in the crypto sector and here this decision can’t be a good thing for Coinbase & also for XRP lovers.

At present, Ripple company is under legal stress because of a lawsuit filed by the US Securities and Exchange Commission (SEC). Due to the ongoing lawsuit, the XRP token is not allowed on any US-based crypto exchange.

The future of the Ripple vs SEC case result is still unconfirmed. Coinbase already suspended XRP trading in late 2020 when the case was initiated.