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Editing by Nathaniel Cajuday
Citing low usage, Coinbase, one of the world’s largest crypto exchanges, is set to delist from its crypto wallet the once-high-flying virtual coins Ripple’s XRP Ledger (XRP), Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM). Starting in January next year, these coins will no longer be available for users to buy, sell, and trade on the platform.
Despite the delisting, Coinbase assured that users holding these crypto assets on their balances would not lose them and would be able to recover them via the “Coinbase 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,” it guaranteed. Users are advised to follow these steps when moving unsupported assets.
Although it is deemed to have low usage, Ripple’s XRP is still, according to CoinMarketCap, the seventh-largest cryptocurrency in the world, currently with a $20 billion market cap.
In September, the coin surged as investors became bullish in anticipation of the resolution of the legal clash between Ripple and the United States Securities and Exchange Commission (US SEC) regarding its alleged violation of securities laws.
Following this, Ripple executive Brooks Entwistle, Senior Vice President and Managing Director, visited the Philippines to expand I-Remit’s use of Ripple’s On-Demand Liquidity (ODL) solution. (Read more: XRP Rallies; Ripple Chief Visits PH to Expand Partnership with I-Remit)
Moreover, last month, Ripple Labs integrated non-fungible tokens (NFTs) into their XRP Ledger (XRPL) through the activation of XLS-20 to the XRPL Mainnet, the standard for XRPL NFTs. (Read more: XRP Ledger NFTs: Ripple Labs Now Support NFTs)
Bitcoin Cash, Ethereum Classic, and XLM
Both Bitcoin Cash and Ethereum Classic are forked versions of the two most popular cryptocurrencies, BTC and ETH, which have both lost large portions of their total market share since being issued over five years ago. Currently, Ethereum Classic is at the 23rd rank of the biggest coins while Bitcoin Cash is at the 27th, according to CoinMarketCap.
Stellar’s XLM, on the other hand, is the 25th biggest crypto by market cap. The Stellar Net network was created in 2014 and is meant to be a peer-to-peer (P2P) decentralized network by The Stellar Development Foundation, or Stellar.org.
This article is published on BitPinas: Coinbase To Delist $XRP, $BCH, $ETC, $XLM by 2023
Disclaimer: BitPinas articles and their external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.