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News in a Glimpse:
- Due to a lack of usage of the aforementioned assets on their specific platform, Coinbase has decided to delist some of the most well-known cryptocurrencies, including Bitcoin Cash, Ethereum Classic, Ripple, and Stellar from its Coinbase Wallet.
- Starting in the first month of 2023, users would no longer be able to purchase, sell, send, or receive the aforementioned assets via their app, but they would still have access to the coins and tokens through its exchange.
- BCH dropped to the 26th position by market capitalization when compared to the charts for the four cryptocurrencies that the company is about to delist. XRP was now in position 7, down one spot. While XLM is currently in the top 25, ETC has fallen to the 23rd spot in terms of market capitalization.
- While XRP has filed an amicus brief in support of its legal action against the US Securities and Exchange Commission, Coinbase’s decision to remove Ripple from its specific wallet does not seem to be consistent with that decision.
Coinbase Delists Cryptocurrencies
Due to a lack of user interest, the well-known cryptocurrency exchange platform Coinbase has decided to delist some of the most well-known cryptocurrencies, including Bitcoin Cash (BCH), Ethereum Classic (ETC), Ripple (XRP), and Stellar (XLM) from its Coinbase Wallet.
In which they made additional references to their data and asserted that there had been little use of the aforementioned assets on their particular platform. While Coinbase and MetaMask are both self-custody mobile apps, the difference between them is that Coinbase offers a wider range of support for crypto assets.
Since Coinbase announced the aforementioned crypto assets, users won’t be able to buy, sell, send, or receive the aforementioned assets via their app starting in the first month of 2023. Users would still have access to the coins and tokens through its exchange, though.
The aforementioned cryptocurrency platform then made it clear that even though the aforementioned assets would be taken out of each corresponding wallet product, users would still have access to them through their recovery phases.
The Crypto Assets That Will Soon Be Delisted
The 29th largest digital asset, BCH, which was created as a result of a hard fork in Bitcoin, is one of the aforementioned assets that would be delisted. One of this asset’s selling points, according to its community, is that it can be used to make payments more quickly than Bitcoin.
ETC, a further fork of the well-known cryptocurrency Ethereum Classic blockchain that enables users to expand on its network, is another asset that will be delisted. According to market cap, ETC is the 25th most valuable digital asset.
The underlying token of XRP Ledger, XRP, which was formerly known as Ripple, is then mentioned. The XRP Ledger is a blockchain that was introduced with the goal of assisting banks and other financial institutions move money quickly and without fees, claims the report.
Finally, there is XLP, a blockchain and payment network that resembles Stellar somewhat and acts as a sort of spinoff. It was created by the co-founder of Ripple with the intention of facilitating cheap international money transfers.
Coinbase Sides with Ripple on its Lawsuit Against the SEC
The decision by Coinbase to remove Ripple from its particular wallet does not seem to be consistent with what took place earlier this month. According to reports, Coinbase has submitted an amicus brief in support of XRP’s legal action against the US Securities and Exchange Commission.
According to reports, an amicus brief is a legal document that is submitted in court and contains information about the current case. A third party serving as a “friend” of the court has provided this document.
In the past, Coinbase’s amicus brief sided with Ripple and criticized the SEC for failing to follow the appropriate procedures and regulations. Through the “Ripple’s Army” group, which has since organized a veritable army of XRP supporters through chats and meetings, the aforementioned move gained significant attention in the cryptocurrency industry.
The Effect of Delistment on Price
Looking at the charts for the four cryptocurrencies that are about to be delisted by the company, BCH, which was a Bitcoin fork that emerged in 2017 as previously mentioned, has already slipped to the 26th spot by market capitalization. Given the collapse of the FTX, it was determined to have fallen sharply to $89 in November from its peak of $136 in September of last year.
Additionally, XRP, known as the cryptocurrency of the “banks,” which had long held the third position by market cap, had fallen to the seventh position. Strong public support for XRP’s lawsuit against the SEC has helped to drive up the price of the cryptocurrency, but like all other commodities, it was also impacted by the collapse of FTX. ETC, on the other hand, has dropped to the 23rd position in terms of market capitalization, while XLM is currently in the top 25.