On November 29, Coinbase published a notification indicating the potential delisting of specific cryptocurrencies from its exchange. The memo states that starting on December 5 these assets will no longer be accepted for deposits or withdrawals. The assets XLM, XRP, Ethereum Cash, and Bitcoin Cash are on the verge of being removed from Coinbase Wallet.
Low usage, according to the company, was the cause of this decision. Lately, it has recorded low transaction volume in relation to these assets. Nevertheless, there is provision for current asset holders to prevent the loss of their funds.
After December 5, users may, if they so want, transfer their assets to another wallet. A user's recovery phrase would merely need to be imported onto another non-custodial wallet that accepts these assets in order to accomplish this. The bourse will only now access dApps on compatible networks and accept supported digital assets.
Assets Supported by Coinbase
Despite the current changes, Coinbase will keep supporting important assets. According to the source, the Coinbase wallet extension and mobile app will continue to support Ethereum and any EVM-related cryptocurrencies. A user can manually add new EVM-compatible assets to the wallet even though some have already been added automatically.
On the exchange, you can instantly access Arbitrum, Avalanche C-Chain, BNB Chain, Gnosis Chain, Fantom Opera, Optimism, Polygon, xDai, and Solana. It will support EVM assets in addition to Ethereum, Litecoin, and Dogecoin. After linking their Coinbase.com accounts to their Coinbase wallets, users can buy cryptocurrencies.
It is important to note that not all of the assets supported by Coinbase wallet are available on Coinbase.com. This medium uses the blockchain to conduct transactions, hence they are subject to network fees. On Coinbase, you may access all ERC-20 coins.
Other stablecoins, such as USDC and DAI, can be used on Coinbase wallets. Users of the network can also access tokens built on the Solana cryptocurrency. Users can use Ethereum, BNB Chain, Avalanche C-Chain, and Polygon for crypto-to-crypto transactions.