Coinbase’s refusal to support Celo’s migration from a Layer 1 blockchain to a Layer 2 solution on Ethereum has caused controversy within the crypto community. Coinbase has advised users to withdraw their CGLD (Celo L1) tokens by January 13, 2025, or risk losing access to their funds. The migration, scheduled for January 16, 2025, will stop block production on the Celo L1 network, rendering funds held on Coinbase inaccessible.
While Coinbase clarified that CGLD tokens could be transferred to CELO-compatible wallets, the platform’s lack of support for the upgrade has drawn criticism. Some believe this decision could discourage other EVM-compatible Layer 1s from adopting similar migrations. Ethereum advocate Anthony Sassano suggested that the issue may be due to internal miscommunication within Coinbase but urged the exchange to reconsider its stance.
The crypto community awaits Coinbase’s response and further developments on the migration.
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