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“Low utilization” is the Reason Why Coinbase Wallet, BCH, ETC, and XRP are no Longer Being Supported

 

 

Due to low usage, Coinbase Wallet has said that it will stop providing services for BCH (Bitcoin Cash), ETC (Ethereum Classic), XRP (Ripple), and XLM (Stellar) starting in 2019.

On December 30, Coinbase Wallet announced on its official Twitter that it would stop supporting native tokens like BCH (Bitcoin Cash), ETC (Ethereum Classic), and XRP (Ripple) starting in January 2019.

After the coins are no longer supported, only users with balances will be able to get their money out.

The market has a strange reaction to the fact that Coinbase Wallet is dropping support for the cryptocurrency because of “low usage rates.”

At the moment, Bitcoin Cash (BCH) and Ether Classic (ETC), which are forks of Bitcoin (BTC) and Ether (ETH), are ranked 29th and 25th by market capitalization, respectively, and they don’t trade much on the cryptocurrency market. But these coins stood out when the market for cryptocurrencies was doing well in 2017.

Blockchain analyst firm CoinGecko says that XRP is the seventh largest cryptocurrency, with a market capitalization of nearly $19.6 billion across all cryptocurrency exchanges and a 24-hour trading volume of $1 billion.

Even though the wallet service has been stopped, Coinbase hasn’t made an official statement about the delisting, which raises questions.

Ripple was taken off of Coinbase’s list in December 2020, after the US Securities and Exchange Commission (SEC) sued Ripple for selling unregistered securities. After that, a Ripple wallet was made on Coinbase, and rumors spread that Ripple was being re-listed. However, with this decision, Ripple Wallet was also taken down.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.