Coinbase Wallet to delist bitcoin cash, ether classic, ripple, stellar, citing 'low usage'
Nov. 29, 2022 2:39 PM ETCoinbase Global, Inc. (COIN), BCH-USD, ETC-USD, XLM-USD, XRP-USDBy: Max Gottlich, SA News Editor29 Comments
- Coinbase Global's (NASDAQ:COIN) wallet service is set to delist cryptocurrencies bitcoin cash (BCH-USD), ethereum classic (ETC-USD), stellar (XLM-USD) and ripple (XRP-USD), citing their "low usage," according to the crypto exchange's website.
- The tokens won't be supported on Coinbase Wallet starting on December 5, but following that date, users will be able to make withdrawals with a recovery phrase.
- The move comes as major cryptos face tremendous downward pressure from a year ago against a backdrop of financial contagion effects hitting the industry, macroeconomic headwinds, and increased regulatory scrutiny.
- Looking at the chart below, bitcoin cash (BCH-USD) suffered the worst year-over-year drawdown among the four cryptos getting pulled out of Coinbase (COIN), nosediving over 80%.