Coinbase refuses to support Celo's L2 migration
The Celo L1 blockchain is migrating to Layer2 (Optimism) on January 16, 2025, and Coinbase has refused to support it and has asked Celo users to withdraw their assets by January 13 (indirectly announcing a delisting).
This has surprised the cryptoverse because Coinbase's own base network uses Optimism. Even Tether CEO Paolo Ardoino has announced support for Celo.
Criticism hits Coinbase
The Celo community is criticising Coinbase by accusing it of opposing Ethereum's scalability. Coinbase is not getting support from its own supporters on this decision, which is creating pressure on Coinbase.
Coinbase had to defend itself by saying that it plans to reevaluate CELO L2 once the migration is complete. But at this time, it is clearly refusing to support the migration.
Kraken is marketing Celo L2 debate
Coinbase's main rival, Kraken, has declared support for Celo, which the Celo community appreciated following Coinbase's decision to deny support for the Celo L2 migration.
Upon my research, I noted that Celo wasn't even listed on Kraken till today; hence, it is clear that this is Kraken's marketing strategy. Kraken is currently attempting to entice Coinbase users by using the Celo L2 debate.
