Coinbase Supports Celo Network Migration

Coinbase, the largest cryptocurrency exchange in the United States, announced that it will support the Celo (CGLD, CELO) network migration, which it initially declined to support on November 27.

The decision follows significant demand from the altcoin community. Typically, Coinbase halts support for altcoins when they migrate to their own network or leave the Ethereum network.

Celo plans to transition from its own layer 1 blockchain to an Ethereum layer 2 blockchain, with the change scheduled for March 25. During this transition period, the sending and receiving of CGLD or CELO tokens will be temporarily suspended.

Coinbase also stated it will arrange for the automatic migration of CGLD tokens to the new layer 2 network.

Despite this development, Celo’s price has shown limited response, losing around 1% in the last 24 hours and trading approximately 97% lower than its all-time high.

This is not investment advice.