Coinbase has announced its support for Celo’s migration from a standalone Layer-1 blockchain to an Ethereum Layer-2 network.
The transition is set to begin on March 25 with Coinbase temporarily suspending deposits and withdrawals of Celo’s native token, CGLD, during the upgrade.
Celo’s move to Layer-2 aims to leverage Ethereum’s (ETH) robust security and expansive ecosystem while retaining its hallmark features, such as low transaction fees and fast settlement times.
This strategic shift is expected to enhance scalability, reduce costs, and improve interoperability with Ethereum-based applications.
Celo is transitioning from a Layer 1 blockchain to an Ethereum Layer 2. Coinbase will conduct this upgrade today beginning at 8pm PDT. During the upgrade, send/receive for CGLD will be temporarily disabled.
Here is what to expect 🧵
— Coinbase Assets 🛡️ (@CoinbaseAssets) March 25, 2025
Coinbase has assured users that their CGLD tokens will be automatically converted during the migration, requiring no action on their part. However, the exchange advises refraining from depositing CGLD during the migration window…
