Coinbase Wallet to Drop Support for BCH, ETC, XLM, and XRP in 2023

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Introduction

In a move signaling shifting priorities in the digital asset ecosystem, Coinbase Wallet has announced it will discontinue support for several major cryptocurrencies starting January 2023. According to an official announcement, the wallet will no longer support Bitcoin Cash (BCH), Ethereum Classic (ETC), Stellar (XLM), and Ripple (XRP) due to low usage across its platform.

This decision reflects broader industry trends where wallet providers and exchanges are streamlining their offerings to focus on high-demand, widely adopted assets. While the change may impact some users, Coinbase emphasizes that asset ownership remains unaffected — users retain full control of their private keys and can access funds through alternative non-custodial wallets.

👉 Discover how to securely manage your crypto assets during platform changes like this one.

Why Is Coinbase Wallet Dropping These Cryptocurrencies?

The primary reason cited by Coinbase is low user activity associated with these networks and tokens. Despite once being prominent in the crypto space, BCH, ETC, XLM, and XRP have seen declining transaction volumes and reduced integration demand compared to top-tier blockchains like Ethereum or Solana.

Wallet providers must balance technical maintenance costs with user demand. Supporting multiple blockchain networks requires ongoing development, security audits, node infrastructure, and customer support. When certain assets see minimal engagement, discontinuing support allows teams to allocate resources more efficiently toward improving core features and expanding support for faster-growing ecosystems.

It’s important to note that this change applies specifically to Coinbase Wallet, the non-custodial self-hosted solution, not the main Coinbase exchange. The exchange may still list these assets for trading, but users will no longer be able to interact with these networks directly via the mobile or browser extension wallet interface.

What Happens to Your Assets After January 2023?

If you currently hold BCH, ETC, XLM, or XRP in your Coinbase Wallet, your funds are not lost or frozen. Cryptocurrency ownership is determined by private key control — and since Coinbase Wallet is non-custodial, you remain in full possession of your assets.

However, after the deprecation date:

To continue managing these assets, users must import their recovery phrase (seed phrase) into another compatible non-custodial wallet that supports the affected networks.

Recommended alternatives include:

Always ensure you're downloading wallets from official sources and never share your seed phrase with anyone.

Step-by-Step Guide: How to Safely Transfer Your Assets

If you have funds in any of the deprecated networks, follow these steps before January 2023:

1. Back Up Your Recovery Phrase

Ensure your 12- or 24-word seed phrase is securely written down and stored offline. Never store it digitally unless encrypted.

2. Choose a New Wallet

Select a reputable non-custodial wallet that supports BCH, ETC, XLM, or XRP. Verify compatibility on the wallet’s official website.

3. Import Your Account

Use your recovery phrase to restore your account in the new wallet. Most wallets offer a “Restore Wallet” option during setup.

4. Verify Balances

Once imported, check if all balances appear correctly. It may take a few moments for blockchain data to sync.

5. Transfer or Hold

You can now choose to:

👉 Learn how top traders monitor multi-chain portfolios across evolving platforms.

Core Keywords and Market Implications

This update highlights key trends in the evolving cryptocurrency landscape. The following core keywords reflect central themes relevant to both users and investors:

These terms not only capture search intent but also align with growing concerns about long-term asset accessibility in decentralized systems.

The removal of XRP is particularly notable given its ongoing legal battle with the SEC — though unrelated to this decision, low adoption within Coinbase’s wallet ecosystem likely played a bigger role than regulatory status.

Similarly, while Bitcoin Cash and Ethereum Classic were once strong contenders in their respective niches (scaling and immutability), they’ve been overshadowed by newer Layer 1 solutions and Layer 2 rollups offering better performance and lower fees.

Frequently Asked Questions (FAQ)

Q: Does this mean Coinbase is delisting BCH, ETC, XLM, or XRP?

A: No. This change affects only Coinbase Wallet, the non-custodial app. The main Coinbase exchange may still support trading for these assets. Always check the exchange’s official listings for updates.

Q: Can I still access my BCH, ETC, XLM, or XRP after January 2023?

A: Yes. As long as you have your recovery phrase, you can import it into another compatible wallet and regain full access to your funds.

Q: Is my money safe if I don’t act before January?

A: Your funds are not at risk of being lost — cryptocurrency exists on public blockchains regardless of wallet support. However, without migrating to a new wallet, you won’t be able to manage those assets easily.

Q: Why did Coinbase choose these four specifically?

A: Based on usage metrics, these networks showed significantly lower interaction rates compared to others. Resource optimization drives such decisions in large-scale infrastructure platforms.

Q: Will Coinbase add them back in the future?

A: Possible but unlikely without a significant resurgence in demand. Wallet providers typically re-evaluate support based on sustained user interest and ecosystem growth.

Q: Can I use hardware wallets to store these assets?

A: Yes. Devices like Ledger or Trezor support many of these coins when paired with compatible software wallets (e.g., Ledger + MetaMask for ETC).

Staying Ahead in a Changing Crypto Landscape

The cryptocurrency world evolves rapidly. Today’s popular network could become tomorrow’s legacy protocol. This makes user education and proactive portfolio management essential.

Wallet deprecation isn’t unique to Coinbase — other platforms like Blockchain.com and Trust Wallet have previously phased out lesser-used chains. The key takeaway is simple: don’t rely solely on any single app or interface to manage your digital wealth.

Instead:

👉 Stay prepared with tools that support multiple blockchains and real-time asset tracking.

Conclusion

Coinbase Wallet’s decision to drop support for BCH, ETC, XLM, and XRP underscores the importance of self-custody and adaptability in the decentralized finance era. While convenient interfaces come and go, your private keys remain the ultimate source of control.

By understanding how wallet ecosystems operate and planning ahead for potential changes, you can protect your investments and navigate transitions smoothly. Whether you’re holding long-term positions or actively trading across chains, staying informed is your best defense against disruption.

As the crypto industry matures, expect more such optimizations — driven not by hostility toward specific projects, but by practical needs for scalability and efficiency. Users who embrace this reality will thrive in the dynamic world of digital assets.