America’s biggest exchange Coinbase (COIN) announced to delist of Ripple's XRP, Bitcoin Cash (BCH), Ethereum Classic (ETC), and Steller (XLM) from its wallet product, citing “low usage.”
Key Takeaways
- Coinbase to delist XRP, Bitcoin Cash, Ethereum Classic, and XLM.
- These assets won't be available from January 2023.
- Users with these cryptocurrencies in their balance won't lose it and can recover it through the "Coinbase Recovery Phase."
Ripple’s XRP Ledger (XRP), Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM) will no longer be available for users to buy, sell, and trade, and it will be effective from January 2023, said Coinbase. It also added that users with these crypto assets on their balances wouldn't lose them and be able to recover them via the "Coinbase Recovery Phase."
One of the not-to-be-supported assets, XRP— the 7th largest cryptocurrency with a market capitalization of over 20 billion— is currently facing an ongoing case with the SEC. Ethereum Classic (ETC) is the 25th-largest coin by market capitalization and a spinoff of Ethereum. It was created after the DAO hack in 2016. Bitcoin Cash (BCH) is a Bitcoin spinoff aimed at allowing more transactions and decreasing transaction fees and time. Steller (XLM) isan open-source, decentralized payment network.
Coinbase's move for delisting these assets isn’t explicit yet, but if something is certain, it’s that Coinbase doesn’t have issues against these assets and even supported XRP over its heating case with the SEC.
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Now, diving into the article about Coinbase's decision to delist Ripple's XRP, Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM), let's break down the key concepts and provide relevant information:
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Coinbase's Delisting Decision:
- Coinbase, one of the largest cryptocurrency exchanges in the United States, has announced the delisting of four major digital assets: Ripple's XRP, Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM).
- The reason cited for the delisting is "low usage," indicating that these assets have not been actively traded or utilized on the Coinbase platform.
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Affected Cryptocurrencies and Timeline:
- Ripple’s XRP Ledger (XRP), Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM) will no longer be available for users to buy, sell, and trade on Coinbase.
- The delisting is set to be effective from January 2023.
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Coinbase Recovery Phase:
- Users who hold these cryptocurrencies in their Coinbase balances need not worry about losing them. Coinbase has introduced a "Coinbase Recovery Phase," allowing users to recover their assets even after delisting.
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Brief Overview of the Delisted Assets:
- XRP (Ripple): Currently the 7th largest cryptocurrency with a market capitalization of over $20 billion. It is currently facing an ongoing case with the U.S. Securities and Exchange Commission (SEC).
- ETC (Ethereum Classic): Ranked as the 25th-largest coin by market capitalization, ETC is a spinoff of Ethereum and was created after the DAO hack in 2016.
- BCH (Bitcoin Cash): A Bitcoin spinoff designed to facilitate more transactions and reduce transaction fees and time.
- XLM (Stellar): Described as an open-source, decentralized payment network.
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Coinbase's Stance and Support:
- The article suggests that Coinbase's move to delist these assets is not explicitly explained. However, it emphasizes that Coinbase does not seem to have issues against these assets, and it even supported XRP during its legal battle with the SEC.
In conclusion, Coinbase's decision to delist these cryptocurrencies appears to be rooted in business considerations, specifically "low usage." Users are assured that they can recover their assets through the Coinbase Recovery Phase, and the article hints at Coinbase's lack of fundamental issues with the delisted assets, highlighting its prior support for XRP amidst its legal challenges.
