America’s biggest cryptocurrency exchange, Coinbase (NASDAQ:COIN), has announced the delisting of four major cryptos, including XRP and Ethereum Classic (ETC), from its self-custody mobile wallet application.
Coinbase Delists Four Major Cryptos
On Tuesday, November 29th, Coinbase announced that it will delist Bitcoin Cash (BCH), Ethereum Classic (ETC), XRP (XRP), and Stellar (XLM) from Coinbase Wallet – a self-custody mobile app.
As per the announcement, the above-listed assets will no longer be supported by Coinbase Wallet on December 5th. They will no longer be available from January 23rd.
According to Coinbase, the move was “due to low usage” of the assets on the platform.
Recovering Funds after the Delisting
After the delisting, customers will not be able to buy, sell, send or receive these four assets via Coinbase Wallet. However, Coinbase has assured users that they will not lose their assets during the delisting.
According to Coinbase, the assets will remain tied to their owners’ addresses after delisting and can be accessed through a “recovery phase.” However, they will need to use another non-custodial wallet provider that supports the network to recover the funds.
On the Flipside
- Coinbase announced that customers will still be able to access the delisted coins and tokens via its exchange.
Why You Should Care
The announcement from Coinbase has raised a level of panic in the market, with some suggesting that the move could be because of Ripple’s lawsuit to determine XRP’s status as a security.
Read Taleb’s criticism of Coinbase below:
Black Swan Author Nassim Taleb says Crypto Exchange, Coinbase is ‘Worthless’
The struggle of the company is captured in:
Coinbase (COIN) Shares Reach All-Time Low as Crypto Stocks Continue to Get Crushed