Topic: Coinbase wallet to end support for ETC, BCH, XRP, XLM (Read 79 times)
That is a good heads up for anyone holding these coins. At last they have made proper announcement well advance in time so that they could give up the custody of those funds to owners. Now if all of the exchanges promoted the news and also announcement like this within time then it could make good relations between two parties. I am saying all this in reference to the current FTX drama that happened and all the coins were lost and unrecoverable considering “non custody” of the coin owners (the FTX users). I hope coinbase handles it properly.
...I'm not a coinbase user but what I do know is that this is a centralized exchange. I'm surprised to see users have a recovery phrase in which they can import the wallet to a non-custodial wallet.
You are mixing coinbase.com and coinbase wallet. The former is the brokerage or the the exchange while the latter is the self-custody wallet.....
Migrating through the seed phrase could be a hassle since you're not sure if other wallets supports all those delisted cryptocurrencies. It's better to just send those coins. Fees aren't going to be a problem anyway.
There were podcasts discussing what coinbase did was just delisting these tokens because they have less trading volume. Find it hard to believe XRP has less volume.
I'm not a coinbase user but what I do know is that this is a centralized exchange. I'm surprised to see users have a recovery phrase in which they can import the wallet to a non-custodial wallet.
Quote
In order to view or transfer these assets after January 2023, you will need to import your recovery phrase on another non-custodial wallet provider that supports these networks. To learn more, visit our help article: Moving unsupported assets.
I'm not a coinbase user but what I do know is that this is a centralized exchange. I'm surprised to see users have a recovery phrase in which they can import the wallet to a non-custodial wallet.
Technically, if the wallet is built with adhering to industry standards, the coin won't merely be lost. Instead, it just can't be accessed, assuming it's the address generated by the wallet. I think it is just simplified technically-incorrect advice to their users. So, they won't bother explaining it thoroughly.
In any way, the industry standard of the cryptocurrency space should give transparency as much as possible, in a wallet, it can be done by making it an open-source application. It is not the case with Coinbase Wallet. Any users who are using it should reconsider if they are going to continue using this wallet.
In any way, the industry standard of the cryptocurrency space should give transparency as much as possible, in a wallet, it can be done by making it an open-source application. It is not the case with Coinbase Wallet. Any users who are using it should reconsider if they are going to continue using this wallet.
This is just to inform our fellow forum member that Coinbase Global Inc. will be halting its support on the following cryptocurrency:
Ethereum Classic (ETC)
Bitcoin Cash (BCH)
Ripple (XRP)
Stellar (XLM)
More information in this article[1]:
To highlight some important information:
Quote
As of January 2023, Coinbase Wallet will no longer be supporting the following assets and networks due to low usage: BCH, ETC, XLM and XRP.
This does not mean your assets will be lost. Any unsupported asset that you hold will still be tied to your address(es) and accessible through your Coinbase Wallet recovery phrase.
In order to view or transfer these assets after January 2023, you will need to import your recovery phrase on another non-custodial wallet provider that supports these networks. To learn more, visit our help article: Moving unsupported assets.
This does not mean your assets will be lost. Any unsupported asset that you hold will still be tied to your address(es) and accessible through your Coinbase Wallet recovery phrase.
In order to view or transfer these assets after January 2023, you will need to import your recovery phrase on another non-custodial wallet provider that supports these networks. To learn more, visit our help article: Moving unsupported assets.
and to highlight this warning:
Sending or receiving unsupported assets through Coinbase Wallet will cause you to lose them.[1]
Please be mindful of the given warning to not lose money and be updated on any news and updates of any centralized exchanges you use.
[1] https://help.coinbase.com/en/wallet/getting-started/what-types-of-crypto-does-wallet-support
Jump to: