Coinbase Wallet, a leading self-custody crypto wallet, has announced it will discontinue support for four major blockchain networks and their native tokens. The affected assets include Bitcoin Cash (BCH), Ethereum Classic (ETC), Stellar (XLM), and Ripple’s XRP Ledger (XRP).
This decision, driven by low user activity involving these assets, takes effect in January 2023. Users will no longer be able to transact with these specific cryptocurrencies directly through the Coinbase Wallet interface after this date.
Understanding the Delisting Decision
The primary reason cited for this move is "low usage" of these networks among the wallet's user base. Each of these cryptocurrencies gained significant prominence during the 2017 bull market but have since seen declining market relevance in some metrics.
Despite their current rankings, with XRP still holding a position among the top ten cryptocurrencies by market capitalization, internal data at Coinbase indicated that user engagement with these particular assets did not meet the threshold for continued support within the standalone wallet product.
Impact on User Assets
A critical point of reassurance from Coinbase is that users will not lose their funds. Any assets held on these unsupported networks will remain securely tied to the user's blockchain addresses. Access to them is always possible through the wallet’s recovery phrase.
- No Loss of Funds: Your coins are stored on their respective blockchains, not within the wallet itself. The wallet is merely an interface for managing them.
- Access via Recovery Phrase: To view, send, or receive these unsupported assets after the January 2023 deadline, users must import their existing recovery phrase into a different non-custodial wallet application that supports the specific network.
The company strongly advises users to always verify that a wallet supports a network before receiving assets to it. Sending tokens to an address on an unsupported network could result in permanent loss.
Scope of the Change
It is important to distinguish Coinbase Wallet from other Coinbase services. This change only affects the non-custodial Coinbase Wallet.
- No Impact on Coinbase Exchange: Trading, holding, and transacting with Bitcoin Cash (BCH), Ethereum Classic (ETC), Stellar (XLM), and Ripple (XRP) on the primary Coinbase.com exchange and its mobile app will continue uninterrupted.
- Wallet-Specific Action: The delisting is confined to the self-custody wallet product, reflecting a streamlining of supported networks within that specific application.
Market Context of the Affected Cryptos
These four assets share a common history as major players in the last significant crypto market cycle. However, their trajectories have diverged over time.
According to market data, XRP has maintained the strongest position among the group, consistently ranking as a top-ten cryptocurrency by market capitalization. The others, while still substantial assets, have seen their relative market share decrease. Ethereum Classic (ETC) and Bitcoin Cash (BCH), both originating from hard forks of their parent blockchains, have faced particular challenges in maintaining momentum and developer activity compared to their counterparts.
User Guidance and Next Steps
For current holders of these assets within Coinbase Wallet, proactive steps are recommended to ensure seamless access.
- Research Alternative Wallets: Identify other reputable non-custodial wallets that support the specific blockchain networks you use (e.g., BCH, ETC, XLM, XRP).
- Secure Your Recovery Phrase: Ensure you have your 12-word recovery phrase (seed phrase) for your Coinbase Wallet written down and stored securely. This is your key to accessing your funds on any compatible wallet.
- Migrate Funds (Optional): For convenience, you may choose to transfer your assets from your Coinbase Wallet address to your account on the main Coinbase exchange, which will continue to support them. Alternatively, you can use your recovery phrase to access them in a new wallet.
Taking control of your assets across different platforms is a key aspect of crypto management. To streamline this process, you can explore more strategies for managing a multi-wallet portfolio effectively.
Broader Adoption Trends
While support wanes in one wallet, consumer interest in cryptocurrency for payments persists. Independent research into consumer habits has shown that a small but significant percentage of crypto-aware consumers hold assets like Bitcoin Cash and Stellar.
Furthermore, studies indicate growing interest in using cryptocurrency for everyday purchases. A significant majority of consumers have already used crypto-linked payment tools like debit cards, and a considerable portion express strong interest in using digital assets at merchants that offer crypto-based rewards or discounts. This suggests that while specific wallet support may change, the underlying trend toward crypto integration in commerce continues to evolve.
Frequently Asked Questions (FAQ)
Will I lose my Bitcoin Cash or XRP if it's in my Coinbase Wallet?
No, your funds are completely safe. They exist on the blockchain, not in the wallet. You will simply need to use a different wallet application that supports that network to access and manage them, using your original recovery phrase.
What is the difference between Coinbase Wallet and Coinbase.com?
Coinbase.com is a centralized exchange where the company custodies your assets on your behalf. Coinbase Wallet is a separate, non-custodial product where you alone control your private keys and assets. The delisting only affects the Wallet product.
Can I still trade these coins on the main Coinbase app?
Yes. This announcement does not impact the trading, buying, selling, or holding of BCH, ETC, XLM, or XRP on the Coinbase exchange platform (Coinbase.com or its app).
How do I access my funds after support ends?
You must import your existing Coinbase Wallet recovery phrase into a different non-custodial wallet that supports the networks for your assets (e.g., Trust Wallet, Exodus, or other dedicated wallets for each chain).
Why were these specific tokens chosen for delisting?
Coinbase cited "low usage" as the reason. This means these particular networks saw relatively little transaction activity from their user base within the Coinbase Wallet app, making it impractical to continue devoting resources to their support.
Should I move my assets to a new wallet now?
You do not need to move them immediately, as you can still access them in Coinbase Wallet until January 2023. However, to avoid any future inconvenience, it is a good idea to research and set up an alternative wallet well before the deadline.