Non-custodial cryptocurrency wallet COINBASE Wallet will stop supporting bitcoin cash (BCH), ethereum classic (ETC), stellar (XLM) and XRP starting from Dec. 5, citing "low usage."
Coinbase said in a help center post that unsupported assets will still be tied to accessible through Coinbase Wallet recovery phrase on another non-custodial wallet.
"Coinbase Wallet can only store supported cryptocurrencies and access dapps on supported networks," the exchange said.
However, Coinbase Wallet will no longer support sending or receiving function for unsupported assets.
The move comes after Coinbase published a third-quarter financial report, indicating that the exchange's net losses rose to $545 million compared to the $1.1 billion recorded during the year-earlier period. Transaction fee revenue also dropped by 44%. It is unclear if the exchange decided to suspend support for the aforementioned cryptocurrencies in an effort to scrap operational resources.
