On Tuesday morning Coinbase announced that their crypto wallet will stop supporting BCH, ETC, XLM and XRP. This decision comes from the exchange citing “low usage” of these assets on their wallet.
For many within the XRP community this decision has left them questioning the exchange’s motives. At the beginning of the XRP vs SEC case, Coinbase made the decision to stop the trading of XRP on their exchange. So now removing support from the Coinbase wallet citing “low usage” seems as a move set up from the beginning.
This move comes with an even larger shock as Coinbase recently expressed their support for XRP and Ripple. Coinbase filed for permission to submit an amicus curiae brief in the ongoing case between the SEC and Ripple Labs.
What Is Next?
Luckily for XRP, this will have very little impact on its trading or price. It is to be noted that with Coinbase stopping the trading of XRP on their exchange, the XRP community sees no reason to continue using the Coinbase wallet. The holders have moved their assets to off exchange wallets such as Xumm.
It does seem, however, that holders who did use Coinbase wallet are now stuck with leaving the exchanges minimum amount of XRP required. Yes, you read that correctly. Not only is Coinbase wallet stopping support for XRP, but its policy will not allow you to leave anything less than 10 XRP in your wallet when withdrawing to another wallet source.
It will be interesting to see how Coinbase responds to this issue. As of right now, the 10 XRP in your Coinbase wallet seem to be collateral damage for trading on the exchange.
A Set Up?
So what will happen to those hostage XRP? Does Coinbase get to claim them as their assets if your wallet goes dormant from “low usage”?
Is this Coinbase’s way of stockpiling XRP for their future banking needs when the XRP vs SEC case is finished? Or are they locking down a guaranteed return with their knowledge of the XRP price after the settlement?
We can go on for days with conspiracy theories all we want. Xnews works to give you facts while getting your mind thinking and sparking up conversation. We would love to hear your thoughts and additions to this topic as I feel we may be circling around to this moment in the near future.
This Post Has 2 Comments
The absolute cheek of coinbase. If they no longer choose to trade XRP on thier exchsnge, why should they have any right to be holding anybody’s XRP. The right to trade on thier exchange is an absolute liberty when they have halted trading it for nearly 2 years. A policy like that will see coinbase themselves go under..
Surprising knowing coinbase submitted an amicus brief in support of Ripple?!