By George Ward
The US-based crypto giant, Coinbase, announced on Tuesday, November 29, that it would stop supporting four top crypto assets on its wallet by December 5. The crypto exchange will no longer list BCH, ETC, XLM, and XRP.
In its official announcement, the exchange revealed that the move is part of its strategic and frequent assessment of virtual assets. Thus, it can provide new structures to enhance access to Web3. As a result, it cited “low activity” as the main reason for stopping support for BCH, XRP, XLM, ETC.
Furthermore, Coinbase noted that users can still access unlisted assets tied to their various addresses through the Coinbase Wallet recovery system.
According to the exchange, the announcement refers to Coinbase not delisting the four crypto tokens from its platform but only from the Coinbase Wallet and Coinbase App.
Meanwhile, XRP’s removal from the Coinbase platform has generated speculation about the move from the American crypto exchange. Ripple’s native token is the seventh-largest crypto asset by market cap, based on market cap.
Furthermore, XRP has experienced a tumultuous year because of its ongoing legal tussle with the US Securities and Exchange Commission (SEC), with the summary judgment date edging closer as agreed with both parties.
It is reported that Coinbase has previously removed XRP since January 2021 in compliance with the lawsuit between Ripple and the regulator.
Coinbase is also reported to have lent its support to a group of investors who filed a lawsuit against the US Department of Treasury over its Office of Foreign Asset Control ban against the crypto mixer, Tornado Cash.
Due to the sanction, Coinbase disclosed that its second-quarter net transaction volume has plummeted by 44% from $655 million to $366 million in the third quarter of 2022.
Coinbase Target Europe Expansion with New Hires
Amid the broader crypto market correction, the American crypto service provider announced the onboarding of four new executives to bolster its European expansion. Michael Schroeder joined as Coinbase Germany’s Director of Control, with Cornac Dinan becoming the exchange’s head in Ireland.
Elke Karsken is becoming the new country director for the United Kingdom, and Patrick Elyas is to head the exchange’s expansion drive in Europe, the Middle East, and Africa (EMEA) region.
The exchange is reported to be planning to roll out its new range of crypto investment products, expand its customer base, and collaborate with regulators in Europe. According to Coinbase, the EMEA region has the upper hand over other areas with comprehensive crypto regulatory guidelines, citing moves from the UAE, UK, and Europe.
As other crypto exchanges struggle to stay afloat with the market downturn, Coinbase has made many changes to its operations to remain buoyant amidst the turmoil.