Coinbase is hitting back at criticism that it’s not helping Ethereum scale. The exchange faced online backlash after announcing it wouldn’t support Celo’s move from its own blockchain to an Ethereum layer-2 solution.
Celo’s Leadership Speaks Out
Several Celo executives criticized Coinbase’s decision, arguing it hinders Ethereum’s layer-2 scaling efforts. They felt the move was a setback for the broader Ethereum ecosystem.
Coinbase’s Response
Coinbase insists it does support Ethereum scaling and plans to review Celo’s layer-2 solution after the migration. They stated that accusations of not supporting Ethereum scalability are false, emphasizing their commitment to both layer-1 and layer-2 solutions. Coinbase is giving customers until January 13th to withdraw their CELO tokens before the January 16th migration.
Celo’s Migration Benefits
Celo highlights several advantages of its layer-2 migration, including native bridging between Celo and Ethereum, which improves security and streamlines transactions. A layer-2 testnet launched back in July.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
