Coinbase says that “Coinbase Wallet“, which is its self-custody crypto wallet app, will be dropping support for four major cryptoassets — $XRP, $XLM, $ETC, and $BCH — from 5 December 2022.
According to the notice posted in the help section of the Coinbase website, Coinbase Wallet will be dropping the aforementioned cryptoassets due to “low usage.”
Coinbase went on to say:
“This does not mean your assets will be lost. Any unsupported asset that you hold will still be tied to your address(es) and accessible through your Coinbase Wallet recovery phrase. In order to view or transfer these assets after Dec. 5th, you will need to import your recovery phrase on another non-custodial wallet provider that supports these networks…
“Coinbase Wallet can only store supported cryptocurrencies and access dapps on supported networks… Double-check that Coinbase Wallet supports the network you are receiving assets from, otherwise you won’t be able to access these assets Sending or receiving unsupported assets through Coinbase Wallet will cause you to lose them.“
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The Coinbase Wallet mobile app Ethereum and all EVM-compatible networks, as well as Bitcoin, Dogecoin and Litecoin.
Coinbase also pointed out that:
“Coinbase Wallet supports thousands of tokens, including all ERC-20 tokens and all tokens on EVM-compatible chains, such as Avalanche C-Chain and Polygon. This includes stablecoins (like USDC and DAI) on all of Coinbase Wallet’s supported networks. Coinbase Wallet also supports tokens hosted on the Solana Network.“
One non-custodial crypto wallet app that Coinbase Wallet users could potentially move to is Trust Wallet (which Binance acquired in 2018):
- Coinsmart. Europe’s Best Bitcoin and Crypto Exchange.Click Here
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://www.cryptoglobe.com/latest/2022/11/coinbases-non-custodial-wallet-planning-to-drop-support-for-xrp-xlm-etc-bch/
