Coinbase Global (NASDAQ: COIN), a cryptocurrency exchange, announced that its digital wallet will no longer support the native tokens associated with Bitcoin Cash, Ethereum Classic, Ripple’s XRP Ledger and Stellar; that change will take effect on Monday, Dec. 5, 2023. The company did note that users with balances will still be able to withdraw their money after that date. According to the announcement, the exchange made the decision based on low usage of the digital coins and tokens, which gained public awareness during the 2017 cryptocurrency bull market. Despite the low use, XRP is the seventh-largest cryptocurrency with a market capitalization of $19.6 billion and 24-hour trade volume of almost $1 billion U.S., according to data from CoinGecko. Bitcoin Cash and Ethereum, both of which are forked or altered versions of Bitcoin and Ethereum, the two most popular cryptocurrencies, have seen a significant decline in value this year.
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Coinbase Global Inc.
Coinbase Global is building the cryptoeconomy — a more fair, accessible, efficient and transparent financial system enabled by crypto. The company started in 2012 with the radical idea that anyone, anywhere, should be able to easily and securely send and receive Bitcoin. Today, Coinbase offers a trusted and easy-to-use platform for accessing the broader cryptoeconomy. Built for institutions, Coinbase integrates advanced agency trading, custody, prime financing, staking, staking infrastructure, market data and reporting that supports the entire transaction lifecycle. The company combines these capabilities with leading security, insurance and compliance practices to provide institutional clients with a full-service platform to access crypto markets at scale. For more information about the company, visit www.Coinbase.com.
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