Coinbase’s decision to not support Celo’s migration from a Layer 1 blockchain to a Layer 2 solution on Ethereum has generated debate within the crypto community. Coinbase asked users to withdraw their CGLD tokens by January 13, 2025, to prevent losing access to their funds. The migration, planned for January 16, 2025, will stop block production on the Celo L1 network, making funds held on Coinbase inaccessible.
Although the exchange clarified that CGLD tokens could be transferred to CELO-compatible wallets, its lack of support for the upgrade has received criticism, with concerns about the potential impact on Ethereum’s scaling ecosystem. Critics argue that Coinbase’s decision may discourage other EVM-compatible Layer 1s from adopting similar migrations.
Ethereum advocate Anthony Sassano and Alex Witt, General Partner at Verda Ventures, both called for Coinbase to reconsider its stance.
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<p>The post Coinbase Refuses to Support Celo’s Blockchain Upgrade: A Problem or a Business Move? first appeared on CoinBuzzFeed.</p>
