Digital asset exchange Coinbase is pushing back against accusations that it does not support Ethereum’s (ETH) scaling roadmap.
The most important American crypto exchange then came under fire online announced last week that it would not support the upcoming Celo (CELO). migration from a standalone layer-1 chain to an Ethereum layer-2.
Several Celo executives have rejected the decision, including the chairman of the Celo Foundation René Reinsberg and Marek Olszewski, the CEO of Celo developer CLABS, who said Coinbase’s announcement felt “like a wrench in Ethereum’s layer-2-centric scaling roadmap.”
However, Coinbase is say it plans to “reevaluate” Celo L2 after the technical migration takes place completely.
“Any accusation that Coinbase does not support Ethereum scalability is untrue. Coinbase is focused on bridging the crypto economy and we support L1s and L2s.”
The exchange says its customers must withdraw any CELO from their accounts by January 13. The project’s migration to a layer 2 solution is scheduled for January 16.
Celo say the migration will have numerous technical benefits.
“Native bridging between Celo and Ethereum, which was not possible before, will now be a reality. These advances significantly improve the security of token transfers by reducing dependence on external bridges, which are often a point of vulnerability. With native bridging, Celo can deliver a more secure and streamlined experience for users, making transactions within our ecosystem both safe and reliable.”
Celo launched a Layer-2 testnet in July.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney
