crypto winter, FTX debacleand increased regulatory scrutiny have led some crypto companies to coin base Reduce cryptocurrency offerings.
The largest U.S.-based cryptocurrency exchange announced Tuesday that it will remove XRP, Bitcoin Cash and Ethereum Classic from its cryptocurrency wallets, cutting back on a group of once-inflated digital coins.
Coinbase says cryptocurrencies will no longer be supported on coinbase wallets from January “due to low usage” However, users can use the wallet recovery phrase to withdraw unsupported assets.
Once the top token, XRP is the native cryptocurrency of blockchain-based digital payment network Ripple and has faced a lot of controversy over the past few years. 2020, The U.S. Securities and Exchange Commission has sued Ripple Labs. and its founder claimed to have misled investors and personally profited from unregistered securities.
Token is still the 7th largest cryptocurrency in the world, $20 billion market capaccording to CoinMarketCap, even in the last few months The cumulative market capitalization of the crypto sector fell From over $2 trillion to about $850 billion.
Two other cryptocurrencies Coinbase is dropping, Bitcoin Cash and Ethereum Classic, were both born due to a “hard fork” (when a blockchain splits in two).
In 2016, developers forked the Ethereum blockchain and created the Ethereum Classic Token.rear Hackers stole millions from DAOA decentralized organization with its own popular Ethereum-based token.The new network’s native token is Ether, the second largest by market capitalization, while the token on the old Ethereum blockchain became known as Ethereum Classic. It is now the 23rd largest. According to CoinMarketCap.
Bitcoin Cash One Year After Ethereum Fork produced The Bitcoin blockchain developers disagreed on how the network should operate.Some have even created another blockchain and a new native cryptocurrency intended to facilitate faster payments than the original Bitcoin. 27th largest crypto by market capaccording to CoinMarketCap.
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