Understanding modifications in Coinbase Wallet networks

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Change is a law of nature. You might have heard this line several times since your childhood. Whether we talk of the earth’s ecosystem or any other aspect related to our business, change is vital. Coming to trade and investment industry is considered the most volatile field of all. The major reason behind it is the market fluctuations and depending on the business keeps on making amendments and modifications in its policies.

Moving toward Cryptocurrencies, they are highly volatile in nature, and it is hard to predict how they are going to behave shortly. If you are an active crypto investor and are currently holding a Coinbase wallet then this read is going to be beneficial for you. You might have noted the latest modification added to the supporting networks and assets that earlier worked with this wallet.

Let’s peep into the read to gather complete information in one place.

A check at the amendment in the working of the Coinbase wallet

As per the latest update notified by this well-known trading body is related to the assets and networks that were earlier supported by this wallet. The wallet has withdrawn its support from some of the networks and assets due to their low usage. This amendment came into notice on February 20, 2023. The users are notified that Coinbase wallet will no longer provide its support to some of the assets and networks, and they are as namely:

  • BCH
  • ETC
  • XLM
  • XRP

The latest modification depicts that the wallet from now onwards will only store supported cryptocurrencies. Transacting with unsupported assets via the Coinbase wallet will end up losing your crypto funds. So, to ensure a healthy trading activity it is advised to cross-check if the network through which you are receiving the assets is supported by the wallet, if not then you will not be able to access them.

Moreover, this doesn’t imply that your asset will be lost. If you are still holding unsupported assets then the same will be tied to your network and you can access the same with the help of Wallet Recovery Phrase.

Above all this amendment won’t influence the support of the listed tokens on the Coinbase app or official website.

Let’s check what networks are supported by the wallet then

After looking at the latest amendment you might be at sea regarding what all networks are then supported by this wallet. To get a clear picture of the same, you can check out the list of supporting networks from its app. But to give a rough idea, we are listing some of them below, give a check at them.

  • Polygon
  • BNB chain
  • Solana
  • Arbitrum
  • Avalanche C Chain
  • Fantom Opera
  • Optimism

The Final Cut!!

Coinbase wallet has made this change intending to improve the crypto trade and investment activities to facilitate investors with a much better trading experience. Thus, to avoid hurdles in your trading and investment activities, do check out the complete list of supported networks and assets by visiting the authentic website.