Ethereum

Celo

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/coinbase-responds-to-criticism-over-ethereum-scalability-support/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Coinbase Responds to Criticism Over Ethereum Scalability Support</a> 
The American <a href="https://en.coin-turk.com/bidens-team-considers-accepting-cryptocurrency-donations/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a> exchange <a href="https://en.coin-turk.com/binance-announces-suspension-of-nigerian-naira-services/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Coinbase</a> has refuted allegations that it does not support Ethereum’s (ETH) scalability roadmap. These accusations arose following Coinbase’s recent announcements regarding Celo’s transition.
<h2 id="coinbase-s-decision-on-celo">Coinbase’s Decision on Celo</h2>
Last week, Coinbase declared that it would not support Celo’s (CELO) transition from an independent layer-1 network to an Ethereum layer-2 solution. This announcement sparked reactions on various online platforms.
Celo’s Board Chairman Rene Reinsberg and cLabs CEO Marek Olszewski criticized Coinbase’s decision, stating that it felt like an interference in Ethereum’s layer-2 focused scalability roadmap.
<h2 id="coinbase-s-response">Coinbase’s Response</h2>
In its response, Coinbase indicated that it would reassess Celo’s layer-2 once the technical transition is complete. The company showcased a more flexible stance in its new statement.
<blockquote>
 “The allegations that Coinbase does not support Ethereum’s scalability are incorrect. Coinbase is focused on being a bridge to the <a href="https://en.coin-turk.com/bitcoin-price-rises-and-reaches-new-highs/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto</a> economy and supports both L1s and L2s.”
</blockquote>
Coinbase has mandated that users complete CELO withdrawals by January 13. Celo plans to implement its transition to layer-2 on January 16.
Celo has stated that the transition will offer several technical benefits, including the establishment of a native bridge between Celo and Ethereum, which will enhance token transfer security and reduce reliance on external bridges.
Celo launched a layer-2 test network in July with the aim of making transactions within its ecosystem more secure and efficient. The successful transition to layer-2 is seen as a significant development for both the Celo and Ethereum ecosystems, potentially enhancing integration and transaction security between the two platforms.
The post <a href="https://en.coin-turk.com/coinbase-responds-to-criticism-over-ethereum-scalability-support/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Coinbase Responds to Criticism Over Ethereum Scalability Support</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Coinbase Responds to Criticism Over Ethereum Scalability Support

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