Users of Bitcoin Cash (BCH), Ethereum Classic (ETC), Ripple (XRP), and Stellar (XLM) will have to find a new home for their crypto after Coinbase Wallet announced that it would no longer support the native tokens.

Citing "low usage," the four cryptocurrencies will be removed from Coinbase's non-custodial app in early December. But what are these cryptos, and why is Coinbase removing them?

What Are BCH, ETC, XRP, and XLM?

We won't do a deep dive into each of these native cryptocurrencies, but here is a brief overview:

  • Bitcoin Cash (BCH): Launched in 2017 as a Bitcoin hard fork, Bitcoin Cash offers faster transactions and lower fees than Bitcoin but has never quite caught up with the original.
  • Ethereum Classic (ETC): The "original" Ethereum blockchain was created after a 2016 hard fork. Similarly to Bitcoin Cash, Ethereum Classic has never reached the same levels of popularity as its competing blockchain.
  • Ripple (XRP): A somewhat controversial cryptocurrency in that the developing company controls the entire coin supply. It is meant as an alternative cross-border financial tool to SWIFT.
  • Stellar (XLM): Analogous to XRP, XLM also facilitates cross-border transactions and greater integration of crypto and fiat currencies.

Why Is Coinbase Wallet Removing Support For These Cryptocurrencies?

An update to the Coinbase Wallet Supported Assets documentation revealed that the wallet is removing support for BCH, ETC, XRP, and XLM "due to low usage."

It's key to note that this change only affects Coinbase Wallet, Coinbase's non-custodial wallet app, and not Coinbase.com, the regular exchange. You'll still be able to buy Bitcoin Cash, Ethereum Classic, Ripple, and Stellar on Coinbase and Coinbase Pro.

When Is Coinbase Wallet Removing Support? What Will Happen to Your Crypto?

Coinbase Wallet will remove support for the four cryptocurrencies on 5 December 2022.

However, that doesn't mean you lose access to your BCH, ETC, XRP, and XLM holdings as soon as the clock strikes 12. Coinbase notes that your cryptocurrencies will remain accessible through the 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

After January 2023, to access your BCH, ETC, XRP, and XLM holdings, you'll need to import your recovery phrase into another non-custodial crypto wallet (that supports the networks). You'll still have access to your cryptocurrency, but as Coinbase Wallet will no longer support those networks, it cannot store or access wallets and DApps built on them.

Do BCH, ETC, XRP, and XLM Have Low Trading Volumes?

According to Coinbase, these four cryptocurrencies have low trading volume on Coinbase Wallet. That doesn't mean that they have low trading volume elsewhere, though.

For example, according to CoinMarketCap, which measures trading volume across many exchanges, XRP has a daily trade volume ranging from $884 million on 22 October 2022 to $3.9 billion on 8 November to $630 million on 27 November 2022.

ripple xrp daily trading volume nov 2022

Similarly, Ethereum Classic's daily trade volume regularly moves between $100 million to $400 million, with some huge outliers, too.

The simple fact of the matter is that despite trading volume in the wider market, Coinbase Wallet isn't seeing the same levels of interest and has decided to remove the cryptos from its platform.

You Can Trade BCH, ETC, XRP, and XLM Elsewhere

Although Coinbase Wallet is removing support for BCH, ETC, XRP, and XLM, you'll still find them on your favorite cryptocurrency exchanges, available for trade.

Removing cryptocurrencies that receive minimal trading volume happens on cryptocurrency exchanges all the time. The only difference here is that this time around, the cryptos being removed are well-known and not a random coin only owned by a handful of people.