In a significant shift for one of the most widely used cryptocurrency wallets, Coinbase Wallet has announced the end of support for several major digital assets: Bitcoin Cash (BCH), XRP, Ethereum Classic (ETC), and Stellar Lumens (XLM). This decision, revealed on November 28, marks a strategic pivot toward focusing on more actively used blockchain networks and reflects broader trends in user engagement across the crypto ecosystem.
Why Is Coinbase Wallet Dropping These Cryptocurrencies?
The primary reason cited by Coinbase for discontinuing support is low user activity. While these tokens—BCH, ETC, XRP, and XLM—were once front-runners during the 2017 crypto bull market, their popularity has steadily declined in recent years.
For example, XRP surged to become the third-largest cryptocurrency by market capitalization during that period. Despite still ranking within the top ten digital assets today, its growth has been hampered by an ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The prolonged uncertainty surrounding its regulatory status has likely contributed to reduced adoption on platforms like Coinbase Wallet.
Similarly, Bitcoin Cash (BCH) and Ethereum Classic (ETC) are both spin-offs—forks—of two of the largest blockchains: Bitcoin and Ethereum, respectively. While they initially attracted attention as alternatives offering faster transactions or ideological purity, neither has managed to maintain significant market share over the long term. As newer, more scalable networks emerge, older forks have struggled to stay relevant.
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What Does This Mean for Users?
The change officially took effect on December 5, after which Coinbase Wallet ceased native support for these tokens. However, users are not locked out of their funds. Those holding BCH, XRP, ETC, or XLM can still access their balances using their recovery phrase—a critical feature of non-custodial wallets.
According to Coinbase’s official statement:
“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.”
This means users must migrate their holdings to a compatible wallet if they wish to manage these assets moving forward. Failure to do so could result in confusion—or worse, accidental loss—especially if users attempt to send unsupported tokens directly to their Coinbase Wallet.
⚠️ Important Warning: Sending any unsupported cryptocurrency to a Coinbase Wallet may lead to permanent loss of funds. Always verify network compatibility before initiating transfers.
Which Networks Are Now Supported by Coinbase Wallet?
Coinbase Wallet now focuses exclusively on high-usage, EVM-compatible chains and select high-performance networks. The platform supports Ethereum and all EVM-compatible blockchains, both in its mobile app and browser extension.
Pre-configured networks include:
- Arbitrum
- Avalanche C-Chain
- BNB Chain
- Gnosis Chain
- Fantom Opera
- Optimism
- Polygon
- xDai
- Solana
This strategic alignment ensures smoother interoperability with decentralized applications (dApps), DeFi protocols, and NFT marketplaces built on these ecosystems.
Additionally, the wallet supports thousands of tokens—particularly ERC-20 standards—and popular stablecoins such as USDC and DAI, reinforcing its role as a gateway to the decentralized web (Web3).
Users can also link their Coinbase.com account to their Coinbase Wallet for seamless transfers between custodial and non-custodial environments. However, it's important to note that:
“The supported crypto on Coinbase Wallet may not be available for buying and selling on Coinbase.com and vice versa.”
This distinction highlights the operational independence between the exchange and the wallet, emphasizing the importance of understanding where your assets are stored and how they can be managed.
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Frequently Asked Questions (FAQ)
Q: Can I still access my Bitcoin Cash or XRP after December 5?
Yes. Your assets remain on the blockchain and are accessible via your recovery phrase. You’ll need to import this phrase into another non-custodial wallet that supports these networks, such as Trust Wallet or Atomic Wallet.
Q: Will I lose my funds if I don’t take action?
Not immediately—but you won’t be able to view or move your unsupported tokens within Coinbase Wallet. To avoid potential loss, migrate your holdings to a compatible wallet as soon as possible.
Q: Can I send unsupported tokens to my Coinbase Wallet?
No. Doing so risks permanent loss. Unsupported assets sent to Coinbase Wallet addresses cannot be recovered by the platform.
Q: Why did Coinbase choose to drop these specific coins?
Due to low usage across the wallet’s user base. Coinbase prioritizes networks and tokens with strong developer activity, transaction volume, and community engagement.
Q: Is this related to regulatory pressure?
While not officially stated, regulatory scrutiny—especially around XRP—may have influenced the decision. However, Coinbase emphasizes usage metrics as the main factor.
Q: Can I still trade these coins on Coinbase.com?
Yes. This change only affects the Coinbase Wallet app and extension. Trading and storage on the Coinbase exchange (Coinbase.com) remain unaffected—for now.
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The Bigger Picture: What This Move Signals for the Industry
Coinbase’s decision reflects a maturing cryptocurrency landscape where platforms optimize for efficiency, security, and user experience. Supporting every token indefinitely isn’t sustainable—especially when certain networks see minimal interaction.
By streamlining supported assets, Coinbase enhances performance, reduces technical debt, and lowers risks associated with maintaining legacy integrations. This trend is likely to continue across other major wallet providers as the industry consolidates around dominant ecosystems like Ethereum, Solana, and layer-2 solutions.
For users, this underscores the importance of self-custody awareness, recovery phrase safety, and staying informed about platform changes.
Core Keywords: Coinbase Wallet, Bitcoin Cash, XRP, Ethereum Classic, Stellar Lumens, crypto wallet support, non-custodial wallet, blockchain network compatibility
This article provides timely insight into evolving crypto wallet standards while guiding users through practical next steps—all without financial advice or promotional content. Always verify changes directly through official channels before taking action.