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The Daily Hodl 2024-12-03 15:30:25

Coinbase Refutes Accusations of Not Boosting Ethereum Scalability After Declining To Support Celo Migration

Digital asset exchange Coinbase is pushing back against accusations that it isn’t supporting Ethereum’s ( ETH ) scaling roadmap. The top US crypto exchange came under fire online after it announced last week that it wouldn’t support Celo’s ( CELO ) upcoming migration from a standalone layer-1 chain to an Ethereum layer-2. Multiple Celo executives blasted the decision, including Celo Foundation president Rene Reinsberg and Marek Olszewski, the chief executive of Celo developer cLabs, who said Coinbase’s announcement felt “like a wrench in Ethereum’s layer-2-centric scaling roadmap.” Coinbase, however, says it plans to “reevaluate” Celo L2 after the technical migration is complete . “Any accusation that Coinbase does not support the scalability of Ethereum is not true. Coinbase is focused on being a bridge to the cryptoeconomy and we are in support of L1s and L2s.” The exchange says its customers must withdraw any CELO from their accounts by January 13th. The project is scheduled to migrate to a layer-2 solution on January 16th. Celo says the migration will have numerous technical benefits. “Native bridging between Celo and Ethereum, which was previously not possible, will now be a reality. This advancement significantly enhances the security of token transfers by reducing reliance on external bridges, which have often been a point of vulnerability. With native bridging, Celo can offer a more secure and streamlined experience for users, ensuring that transactions within our ecosystem are both safe and reliable.” Celo launched a layer-2 testnet in July. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Coinbase Refutes Accusations of Not Boosting Ethereum Scalability After Declining To Support Celo Migration appeared first on The Daily Hodl .

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