Top US crypto exchange Coinbase says it will end support for crypto assets with low usage on its self-custody digital wallet.
According to Coinbase Wallet, it will pull out the plug for XRP, Stellar (XLM), Bitcoin Cash (BCH) and Ethereum Classic (ETC) by next year.
“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.”
Coinbase Wallet says it evaluates crypto assets so it can roll out better features. Earlier this year, it launched an update that enables users to directly see offers from leading non-fungible token (NFT) marketplaces OpenSea and Rarible.
“These routine evaluations allow us to continue investing in new features that make Web3 more accessible.”
The firm assures users that they will not lose the unsupported assets that they hold.
“Rest assured that any balances of these assets held in a Coinbase account (Coinbase.com or the Coinbase mobile app) will not be impacted.”
Coinbase says that customers with any of the unsupported assets can still access them through their Coinbase Wallet recovery phase.
“In order to view or transfer these assets after January 2023, you will need to import your recovery phrase on another non-custodial wallet provider that supports these networks.”
At time of writing, XRP is trading for $0.40, XLM for $0.089, BCH for $112 and ETC for $20.22.