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Cryptocurrency News Articles
Coinbase Rejects Celo Migration to Optimism Superchain, Sparking Backlash
Nov 29, 2024 at 02:08 am
Coinbase has announced that it will not support the migration of the Celo blockchain from Layer 1 to Layer 2 on the Optimism Superchain
Coinbase customers holding Celo (CELO) have until January 13, 2025 to withdraw their funds from the exchange following Coinbase’s announcement that it will not support Celo’s migration from Layer 1 to Layer 2 on Optimism, scheduled for January 16, 2025.
Coinbase’s decision has sparked backlash among stakeholders and the Celo community, who view the move as a setback to Ethereum’s Layer 2 scaling roadmap. Celo is known for its efforts in banking the unbanked in Africa and its network of stablecoin integrations across the developed world, making its absence from Optimism a point of contention.
Moreover, Coinbase’s announcement has led to a drop in Celo’s token price, highlighting the significance of exchange listings for cryptocurrencies.
Some speculate that the issue may be related to internal communication and express hope that Coinbase will reconsider its stance.
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