Coinbase, the largest U.S. based crypto exchange has announced plans to delist XRP, Bitcoin Cash, and Ethereum Classic from its crypto wallet over crypto winter experienced thus far. cutting back on a group of once-high-flying digital coins.
The crypto exchange explained that starting from January 2023, Coinbase wallet would no longer support the the once-high-flying digital coins due to low usage.
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According to CoinMarketCap, XRP, currently sits at the seventh spot of the largest cryptocurrencies in the world, having gained a $20 billion dollar market capitalization. The token has survived a lot of controversies in the last couple of years.
Recall that in 2020, the Securities and Exchange Commission sued Ripple Labs Inc. and its founders, alleging they had misled investors and personally profited from an unregistered security.
Apart from XRP, Coinbase is also dropping, Bitcoin Cash and Ethereum Classic, both came about because of “hard forks”—when a blockchain splits in two—resulting from 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, a majority of developers voted to fork the network to restore the funds to victims.
The native token of the new network is Ether, the second-largest by market cap, while the token for the old Ethereum blockchain became known as Ethereum Classic, now the 23rd biggest, according to CoinMarketCap.
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A year after Ethereum forked, Bitcoin Cash was produced after developers for the Bitcoin blockchain disagreed on how the network should operate. Some created a separate blockchain and a new native cryptocurrency that was aimed at facilitating faster payments than the original Bitcoin. Bitcoin Cash is the 27th-biggest crypto by market cap, according to CoinMarketCap.
