Overview of Coinbase's Delisting Decision
America's leading cryptocurrency exchange, Coinbase, has decided to remove support for four major cryptocurrencies—XRP, Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM)—from its self-custody mobile wallet application, Coinbase Wallet. This decision, announced on November 29, 2022, cites "low usage" as the primary reason for the delisting.
Key Details of the Delisting
Effective Dates:
- December 5, 2022: Assets will no longer be supported.
- January 23, 2023: Complete removal from the wallet.
Impacted Cryptocurrencies:
- Bitcoin Cash (BCH)
- Ethereum Classic (ETC)
- XRP (XRP)
- Stellar (XLM)
Implications for Users
What Changes After Delisting?
Users will no longer be able to buy, sell, send, or receive these assets via Coinbase Wallet. However, Coinbase emphasizes that funds tied to users' addresses will not be lost.
How to Recover Funds
- Recovery Phrase: Assets remain accessible through the original recovery phrase.
- Alternative Wallets: Users must migrate funds to another non-custodial wallet supporting these networks (e.g., Trust Wallet or MetaMask for ETC).
👉 Explore secure wallet alternatives for your crypto assets
Market Reactions and Speculations
The delisting sparked concerns, particularly around XRP, given Ripple's ongoing legal battle with the SEC over its classification as a security. However:
- Coinbase confirmed these assets remain tradable on its exchange platform.
- The decision appears purely usage-driven, not regulatory.
Why This Matters
- Investor Awareness: Delistings can signal declining interest in certain assets.
- Portfolio Adjustments: Users must proactively manage holdings to avoid access disruptions.
FAQ Section
1. Will I lose my XRP or BCH after delisting?
No. Funds remain linked to your blockchain address. Use your recovery phrase to access them via another wallet.
2. Can I still trade these cryptocurrencies on Coinbase?
Yes. The delisting only affects Coinbase Wallet. The exchange continues supporting trades for these assets.
3. Why did Coinbase delist these specific coins?
Low user activity made them unsustainable to maintain in the wallet ecosystem.
4. What’s the safest way to transfer my funds?
Export your recovery phrase and import it into a compatible wallet like Trust Wallet (for mobile) or Ledger (for hardware storage).
5. Could regulatory issues like Ripple’s lawsuit influence future delistings?
Coinbase stated this decision was usage-based, but regulatory clarity remains critical for long-term support.
Final Notes
While Coinbase’s move reflects shifting user preferences, it underscores the importance of diversifying storage solutions and staying informed about platform updates. Always prioritize security by backing up recovery phrases and researching wallet options.