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    Home»Altcoins»Coinbase Refutes Accusations of Not Boosting Ethereum Scalability After Declining To Help Celo Migration – The Each day Hodl
    Coinbase Refutes Accusations of Not Boosting Ethereum Scalability After Declining To Help Celo Migration – The Each day Hodl
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    Coinbase Refutes Accusations of Not Boosting Ethereum Scalability After Declining To Help Celo Migration – The Each day Hodl

    By Crypto EditorDecember 3, 2024No Comments2 Mins Read
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    Digital asset alternate Coinbase is pushing again in opposition to accusations that it isn’t supporting Ethereum’s (ETH) scaling roadmap.

    The highest US crypto alternate got here beneath fireplace on-line after it introduced final week that it wouldn’t assist Celo’s (CELO) upcoming migration from a standalone layer-1 chain to an Ethereum layer-2.

    A number of Celo executives blasted the choice, together with Celo Basis president Rene Reinsberg and Marek Olszewski, the chief govt of Celo developer cLabs, who stated Coinbase’s announcement felt “like a wrench in Ethereum’s layer-2-centric scaling roadmap.”

    Coinbase, nevertheless, says it plans to “reevaluate” Celo L2 after the technical migration is full.

    “Any accusation that Coinbase doesn’t assist the scalability of Ethereum is just not true. Coinbase is concentrated on being a bridge to the cryptoeconomy and we’re in assist of L1s and L2s.”

    The alternate says its prospects should withdraw any CELO from their accounts by January thirteenth. The mission is scheduled emigrate to a layer-2 resolution on January sixteenth.

    Celo says the migration may have quite a few technical advantages.

    “Native bridging between Celo and Ethereum, which was beforehand not doable, will now be a actuality. This development considerably enhances the safety of token transfers by decreasing reliance on exterior bridges, which have usually been some extent of vulnerability. With native bridging, Celo can provide a safer and streamlined expertise for customers, guaranteeing that transactions inside our ecosystem are each secure and dependable.”

    Celo launched a layer-2 testnet in July.

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    Coinbase Refutes Accusations of Not Boosting Ethereum Scalability After Declining To Help Celo Migration – The Each day Hodl

    Disclaimer: Opinions expressed at The Each day Hodl are usually not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual threat, and any losses chances are you’ll incur are your duty. The Each day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Each day Hodl an funding advisor. Please notice that The Each day Hodl participates in internet affiliate marketing.

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