Coinbase, the US largest cryptocurrency exchange has disclosed plans to stop supporting BCH, ETC, XLM, and XRP due to low usage of the tokens.
Starting from next year, Coinbase users will no longer be able to purchase, sell and store the above-mentioned assets on Coinbase app.
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A Brief Review of XRP, BCH, ETC, and XLM Tokens
XRP also called Ripple is a native token of Ripple Labs, according to Coingecko, it is the 7th largest cryptocurrency with a market cap of $19.6 billion and daily trading volume of $1 billion.
Currently, there is an ongoing case between Ripple Labs and the US Securities and Exchange Commission on whether or not Ripple is a security. According to the SEC, Ripple Labs offered unregistered securities to the people of the US, the case has however been in court since 2020, with both parties recently seeking summary judgment. Ripple Labs said at a time this year that the company will leave the US should its case fail against the SEC.
Meanwhile, earlier this month, Coinbase filed to support Ripple in the case against SEC, arguing on whether the SEC provided a “fair notice” before bringing its enforcement action.
BCH otherwise called Bitcoin Cash, ETC known as Ethereum Classic, both tokens are forked versions of Bitcoin and Ethereum respectively. BCH is positioned at number 29 among the largest cryptocurrency by market cap while ETC is the 25th largest cryptocurrency by market cap.
XLM called Stellar is a token developed by a former Ripple co-founder, currently, it has a market cap of $2.2 billion.
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