Coinbase, the largest cryptocurrency exchange in the United States, announced that it will support the Celo (CGLD, CELO) network migration, which it said it would not support on November 27.
The decision was made after a lot of demand from the altcoin community. Coinbase typically stops supporting altcoins when the tokens migrate to their own network or leave the Ethereum network.
Celo had been planning to transition from its own layer 1 blockchain to an Ethereum layer 2 blockchain with a decision it made a while ago. This transition is expected to take place on March 25. Coinbase stated in its statement that during the transition period, the sending and receiving of CGLD, or CELO, tokens will be temporarily suspended.
The exchange also stated that it will arrange for automatic migration of CGLD tokens to the new layer 2 network.
Following the development, the Celo price has responded rather limitedly. The token has lost around 1% in the last 24 hours and is trading around 97% lower than its all-time high price level.
*This is not investment advice.
