Cardano buying and selling appears to be working fine on Coinbase at the time of writing.
the main points
- Since Friday, Coinbase users who own Cardano (ADA) cryptocurrency have not been able to send or receive digital assets from the platform.
- While buying and selling cryptocurrency is still working, transfers to and from the cryptocurrency exchange are being disrupted.
- There is no official word from Coinbase regarding the reason for the isolated fund transfer outage or the estimated time to restore service.
Reddit forums were talking over the weekend that Coinbase Cardano (ADA) holders are unable to send or receive this specific crypto to and from any digital wallets. When I personally tried to send that specific cryptocurrency to my other digital wallet this morning, a notification pop up stating that Cardano’s “send/receive” functionality is temporarily disabled. However, a separate Cardano buy and sell transaction that I executed this morning on Coinbase went through without a hitch.
Centralized cryptocurrency exchanges such as Coinbase usually provide a few services to their users including storing or custodian cryptocurrencies, storing cryptocurrencies to earn interest, buying and selling cryptocurrencies, and enabling easy transfer of funds in and out of e-wallets. The ability to send and receive digital assets from digital wallet to wallet is a huge benefit for cryptocurrency holders, while the drawback of this service can be a huge problem for users who do not have instant access to their funds.
Cardano conversion outage on Coinbase
Fund transfers in Cardano have been suspended since Friday. There has been no official word from Coinbase on why this issue is isolated from the ADA, nor any estimated timeline for the service’s restoration. This is the message users see when they sign up for outage updates:
“Send/receive operations are currently down for Cardano (ADA). While we work on the fix, your funds remain safe on Coinbase. You will receive email notifications when incidents are updated, and text message notifications whenever Coinbase creates or resolves an incident.”
One possible explanation for the Cardano-focused outage came from a Redditor called “Hyrootpharms” who posted that Cardano developers had recently completed a system update that required “recipient address validation” as a security upgrade for anyone sending Cardano to a digital wallet. The Redditor continued to stress that Coinbase has not yet updated its system to reflect this change.
Letters this morning to both Coinbase Support and Cardano Foundation explaining the issue received no response.
Details about Cardano
According to the Cardano Foundation, the coin is a proof-of-stake blockchain platform that strives to allow “change makers, innovators, and visionaries” to create positive global change. At the time of writing, Cardano is trading at $1.11, down 3.66% in the last 24 hours. It is currently ranked seventh on CoinMarketCap.com with a valuation of over $37.3 billion.
Subscribe to Coinbase Outage Update
Anyone interested in getting automatic fund transfer outage status updates can visit the official Coinbase Status page and sign up for text or email updates. While affected users cannot transfer Cardano directly to other wallets, they must be able to convert Cardano to cash or another cryptocurrency. However, if you switch Cardano to a different crypto, make sure you have the exact corresponding send/receive address for the new cryptocurrency before initiating the transaction.
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