Users of Bitcoin Cash (BCH), Ethereum Classic (ETC), Ripple (XRP), and Stellar (XLM) will need to migrate their holdings after Coinbase Wallet announced it would discontinue support for these assets. The decision, attributed to “low usage,” takes effect in early December. Below, we explore the implications, reasons, and alternatives for affected users.
What Are BCH, ETC, XRP, and XLM?
Here’s a quick overview of these cryptocurrencies:
- Bitcoin Cash (BCH): A 2017 Bitcoin hard fork designed for faster transactions and lower fees, though it hasn’t matched Bitcoin’s adoption.
- Ethereum Classic (ETC): The original Ethereum blockchain post-2016 hard fork, now overshadowed by Ethereum’s mainnet.
- Ripple (XRP): A centralized cross-border payment solution often contrasted with decentralized cryptocurrencies.
- Stellar (XLM): Focused on bridging crypto and fiat currencies for seamless international transfers.
Why Is Coinbase Wallet Dropping Support?
Coinbase Wallet cited low usage as the primary reason for removing BCH, ETC, XRP, and XLM. Notably, this change applies only to the non-custodial Wallet app—users can still trade these assets on Coinbase.com and Coinbase Pro.
👉 Discover secure alternatives for storing your crypto
Timeline and User Action Steps
Support ends on December 5, 2022, but users retain access to their funds via their recovery phrase. After January 2023, holders must:
- Import their recovery phrase into another non-custodial wallet (e.g., Trust Wallet, MetaMask for ETC).
- Avoid sending transactions via Coinbase Wallet post-cutoff, as the networks will be unsupported.
Key Note: Your assets remain safe but require migration to a compatible wallet.
Are These Cryptocurrencies Really Unpopular?
While Coinbase reports low activity, broader market data tells a different story:
| Cryptocurrency | Daily Trading Volume (Sample Dates) |
|---|---|
| XRP | $630M–$3.9B (Nov 2022) |
| ETC | $100M–$400M |
The decision reflects Coinbase Wallet’s internal metrics, not global demand.
Where Can You Trade BCH, ETC, XRP, and XLM Now?
Despite Coinbase Wallet’s delisting, these assets remain widely available:
- Exchanges: Binance, Kraken, OKX.
- Non-Custodial Wallets: Exodus, Atomic Wallet.
Delistings are common in crypto, but this case involves established assets rather than obscure tokens.
👉 Explore top exchanges for trading XRP and XLM
FAQs
1. Will my BCH disappear if I don’t migrate it?
No. Your funds stay on the blockchain; only Coinbase Wallet’s interface will stop supporting them.
2. Can I still buy XRP on Coinbase?
Yes, via Coinbase.com or Coinbase Pro—this change affects only the Wallet app.
3. What’s the best alternative wallet for ETC?
MetaMask (with custom network settings) or Trust Wallet.
4. Does this imply XLM is failing?
No. Stellar’s ecosystem remains active; this is a platform-specific decision.
5. How do I export my recovery phrase safely?
Navigate to Settings > Security > Recovery Phrase in Coinbase Wallet and store it offline.
6. Why remove support instead of just hiding low-volume assets?
Reducing supported networks streamlines maintenance and enhances security.
Final Thoughts
Coinbase Wallet’s move underscores the importance of self-custody in crypto. While inconvenient, users retain full control—they simply need to switch wallets. Always research alternatives and prioritize security during migrations.