XRP being phased out from Coinbase digital wallet, Shiba Inu coins accepted as payment for Swedish sports vehicles, and ongoing impasse between LBRY and the SEC: A summary of cryptocurrency updates by U.Today
In a recent announcement, Coinbase Wallet has decided to remove support for XRP, Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar Lumens (XLM) from its list of cryptocurrencies. While the exact reasons for this decision were not specified, it is common for exchanges and wallets to delist or stop supporting certain tokens due to regulatory concerns, compliance issues, or strategic shifts in product offerings.
The news has sparked a mixed reaction within the crypto community, with users expressing frustration and concern about the loss of convenience and access through a major wallet like Coinbase Wallet. XRP holders, in particular, have been closely watching developments, as XRP also sees significant ecosystem growth with new DeFi capabilities being introduced on platforms like Cosmos, indicating strong ongoing community interest and project momentum despite the Coinbase Wallet changes.
Other cryptocurrencies like BCH, ETC, and XLM seem to have less publicized reactions but are similarly affected by this removal, which generally raises concerns about wallet support stability and future accessibility.
The removal of these cryptocurrencies from Coinbase Wallet highlights ongoing challenges in crypto wallet support and regulatory compliance. It underscores the importance for users to maintain good security and backup practices for their assets, ensuring they can access their funds even if changes occur in the wallet ecosystem.
Meanwhile, in other crypto news, BitPay's agreement with Exclusive Automotive Group allows for the acceptance of various cryptocurrencies, including SHIB, BTC, and ETH, making it possible for SHIB holders to use their meme coin to pay for Koenigsegg hypercars. The Boring Company, owned by Elon Musk, has also added Google Pay and Apple Pay to its list of payment options, accepting Dogecoin since July.
Despite previous legal setbacks, such as LBRY's loss of its lawsuit against the SEC, the LBRY crypto start-up has requested a briefing schedule from the court due to an inability to reach an agreement with the SEC regarding the remedies the regulator is seeking. Ripple's situation is similar, but attorney John Deaton states that the court's decision does not mean Ripple's chances of winning have diminished.
In summary, the crypto landscape continues to evolve, with both challenges and opportunities arising. As the industry matures, it is essential for users to stay informed and maintain a secure approach to their digital assets.
- Frustrated XRP holders are closely monitoring developments, as they witness significant ecosystem growth with new DeFi capabilities being introduced on platforms like Cosmos, despite the removal of XRP from Coinbase Wallet's list of supported cryptocurrencies.
- Other cryptocurrencies like Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar Lumens (XLM) have also been affected by Coinbase Wallet's decision to delist them, raising concerns about wallet support stability and future accessibility.
- In a positive move for crypto adoption, BitPay's agreement with Exclusive Automotive Group now allows for the acceptance of various cryptocurrencies, including SHIB, BTC, and ETH, enabling SHIB holders to use their meme coin to pay for Koenigsegg hypercars.
- Despite legal setbacks, such as LBRY's loss of its lawsuit against the SEC, the LBRY crypto start-up is determined to find a resolution, having requested a briefing schedule from the court due to an inability to reach an agreement with the SEC regarding the remedies the regulator is seeking.
