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- Coinbase has taken a big step as it has delisted various big cryptocurrencies such as Ripple’s XRP, from its wallet application.
On November 29, the America-based cryptocurrency exchange announced that from January 23, the platform will not be further supporting Bitcoin Cash (BCH), Ethereum Classic (ETC), Ripple (XRP), or Stellar (XLM) on Coinbase Wallet.
In regard to this step, Coinbase commented that the step was taken because of the low use of these assets on the exchange. Coinbase Wallet is a self-custody where you can keep all of your crypto and NFTs in one place.
The announcement that Coinbase made on Tuesday, clearly shows that the clients will not be capable of purchasing, selling, or obtaining assets through the application of Coinbase. Clients will still be capable to access the coins and tokens through its exchange, even so.
Coinbase further went on to state that, despite the elimination of the assets through its wallet product, users will be capable of getting back by their recovery phases.
The tokens
BCH, which is popularly known as Bitcoin Cash is a cryptocurrency that is a fork of Bitcoin. It is a spin-off or altcoin that was made in 2017. In 2018, Bitcoin Cash was divided into two cryptocurrencies namely Bitcoin Cash and Bitcoin SV.
Its selling point, as said by the community, is that it can be utilized for faster and more immediate payments than the initial and the largest cryptocurrency, Bitcoin. It is also like a new version of Microsoft, which creates documents that can no longer be opened through the older versions.
The other coin Ethereum Classic is an open-source, blockchain-based distributed computing platform featuring smart contract functionality. It is the 25th largest digital asset as per the market capitalization. The native token of Ethereum Classic is Ether which is traded on digital currency exchanges under the currency code ETC.
XRP is the token of the XRP Ledger, which is well known as Ripple, the very name of the crypto payments company established by XRP’s developers. The XRP ledger is a blockchain introduced to aid banks and various financial institutions transfer money quickly without any transaction fees. XRP’s market capitalization, at this time, is about $19.6 billion.
XLP, similar to XRP is a token that is utilized on the Steller blockchain and payment network, which is a spinoff. Steller, created by the co-founder of Ripple was made to help transfer money across borders cheaply.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
