Coinbase News: Coinbase Backs Celo’s Migration to Ethereum Layer-2

In a significant development in the world of cryptocurrencies, Coinbase has announced its support for Celo’s upcoming migration from a standalone Layer-1 blockchain to an Ethereum Layer-2 network. Here’s a closer look at what this transition entails and its potential implications for the crypto market.

Coinbase Supports Celo’s Transition to Ethereum Layer-2

Coinbase has announced support for Celo’s migration from a standalone Layer-1 blockchain to an Ethereum Layer-2 network. The transition is set to commence on March 25, during which time Coinbase will temporarily suspend deposits and withdrawals of Celo’s native token, CGLD. Celo’s move aims to leverage Ethereum’s robust security and expansive ecosystem while retaining features like low transaction fees and fast settlement times. This strategic shift is expected to enhance scalability, reduce costs, and improve interoperability with Ethereum-based applications.

BlackRock Launches Bitcoin Fund in Europe

BlackRock has launched a new Bitcoin exchange-traded product (ETP) in Europe through its iShares fund service. The iShares Bitcoin ETP (IB1T) is listed on German, French, and Dutch stock exchanges. Each ETP security corresponds to a specific amount of Bitcoin. Coinbase will custody the digital assets for the investment vehicle. BlackRock’s application for a spot Bitcoin ETF in mid-2023 was considered a pivotal moment leading to its eventual approval.