Coinbase Delists XRP, Bitcoin Cash, and Ethereum Classic Due to ‘Low Usage’

crypto winter, FTX problemand increased regulatory oversight there are several crypto companies such as Coinbase cut down on cryptocurrency services.

The largest U.S.-based crypto exchange said on Tuesday that it will delist XRP, Bitcoin Cash and Ethereum Classic from its crypto wallets, while cutting a group of cryptocurrencies. Digital was very popular.

Coinbase says crypto will no longer be supported on Coinbase Wallet starting January “due to little use,” but users can still withdraw any unsupported assets using their wallet recovery phrase.

Once a leading token, XRP, the native cryptocurrency of the Ripple blockchain-based digital payments network, has faced a number of controversies over the past few years. In 2020, The Securities and Exchange Commission sued Ripple Labs Inc. and its founders, alleging that they misled investors and personally profited from an unregistered security.

The token is still the seventh largest cryptocurrency in the world, with market capitalization of 20 billion dollarsaccording to CoinMarketCap, even in the last few months The cumulative market capitalization of the cryptocurrency sector has fallen from over $2 trillion to about $850 billion.

The two other cryptocurrencies that Coinbase is dropping in price, Bitcoin Cash and Ethereum Classic, both came about due to “hard fork” — when a blockchain splits in two — due to disagreements over the future of each.

In 2016, developers forked the Ethereum blockchain and created the Ethereum Classic token. After a hacker stole millions from The DAO, a decentralized organization with its own popular Ethereum-based token, the majority of developers voted to fork the network to restore funds to the victims. The native token of the new network is Ether, the second largest by market capitalization, while the token for the old Ethereum blockchain is called Ethereum Classic, which is currently the 23rd largest, according to CoinMarketCap.

One year after Ethereum forked, Bitcoin Cash has been produced after Bitcoin blockchain developers disagree on how the network should work. Some have created a separate blockchain and a new native cryptocurrency to facilitate faster payments than the original Bitcoin. Bitcoin Cash is 27th largest cryptocurrency by market capaccording to CoinMarketCap.

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