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Bitcoin Cash, Ethereum Classic, 2 Other Cryptos Lose Coinbase Wallet Support: What You Should Know

Starting Dec. 5, Coinbase (NASDAQ:COIN) will no longer support major tokens including Bitcoin Cash (CRYPTO: BCH), Ripple (CRYPTO: XRP), Ethereum Classic (CRYPTO: ERC) and Stellar Lumen (CRYPTO: XLM), among others.

What Happened: According to Coinbase, "low usage" is the reason it decided to stop the support of the four tokens. The crypto exchange said your assets will not be lost even if Coinbase ceases to exist. "Unsupported assets will still be tied to your addresses and accessible via your Coinbase Wallet recovery phrase.”

See More: Best FTX Alternatives: How to Keep Your Crypto Safe in 2022 

It should be noted that the announcement specifically refers to Coinbase's Wallet, and not the exchange itself delisting the tokens.

XRP was suspended by Coinbase in Jan. 2021 because of an ongoing lawsuit with the U.S. Securities and Exchange Commission over whether the XRP token is a security.

Meanwhile, data from Glassnode showed that Coinbase experienced material withdrawals from its platform over the weekend (November 26-27). The amount withdrawn totaled roughly $2 billion, bringing the combined total withdrawn since Nov. 23 to approximately $4.3 billion.

Price Action: At the time of writing, BCH  was trading at $113, up 2.21% in the last 24 hours, according to Benzinga Pro. 
Read Next: Shiba Inu Lags Dogecoin, But Here's Why The Crypto Could Catch Up

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