Cardano (ADA) holders currently cannot send or receive crypto on Coinbase


Image source: Getty Images

Buying and selling Cardano appears to be working well on Coinbase at the time of writing.

Key points

  • As of Friday, Coinbase users who hold Cardano cryptocurrency (ADA) have been unable to send or receive the platform’s digital asset.
  • While the buying and selling of crypto is still working, transfers to and from the crypto trading exchange are disabled.
  • No official word from Coinbase as to the cause of the isolated fund transfer outage or the estimated time to restore the service.

Reddit forums discussed over the weekend that Coinbase holders of Cardano (ADA) cannot send or receive this specific crypto to or from digital wallets. When I personally tried to send this specific cryptocurrency to another of my digital wallets this morning, a pop-up notification appeared stating that Cardano’s “send / receive” functions had been temporarily disabled. However, a separate Cardano sell and buy that I executed this morning on Coinbase went off without a hitch.

Centralized crypto exchanges – such as Coinbase – typically provide a handful of services to users, including storing or safekeeping crypto, staking crypto to earn interest, buying and selling crypto, and transparently enabling the transfer of funds to and from electronic wallets. . The ability to send and receive digital assets from digital wallet to wallet is a major benefit for crypto holders, while the barrier of this service can be a major headache for users who cannot immediately access to their funds.

Cardano transfer failure on Coinbase

The fund transfer outage for Cardano has been in place since Friday. There has been no official word from Coinbase as to why this issue is isolated to ADA nor any estimated timelines provided for the restoration of the service. This is the message users see when they sign up to receive updates about the outage:

“Send / Receive is currently disabled for Cardano (ADA). While we work on a fix, your funds remain safe on Coinbase. You will receive email notifications when incidents are updated and SMS notifications. whenever Coinbase creates or resolves an incident. “

One possible explanation for the Cardano-focused outage came from a Redditor called “Hyrootpharms” which posted that Cardano developers recently completed a system update that required “receiver address validation” as an update. Up to security level for anyone sending Cardano to a digital wallet. The Redditor went on to say that Coinbase has yet to update its system to reflect this change.

This morning’s messages to Coinbase support and the Cardano Foundation for clarity on the issue have not been answered.

Cardano Details

According to the Cardano Foundation, the coin is a proof-of-stake blockchain platform that strives to empower “change makers, innovators and visionaries” to bring about positive global change. As of this writing, Cardano was trading at $ 1.11, down 3.66% in the past 24 hours. It is currently ranked seventh on with a valuation of over $ 37.3 billion.

Signing up to update outages from Coinbase

Anyone interested in getting automatic updates on the status of the fund transfer outage can visit Coinbase’s official status page and sign up to receive updates via text or email. While affected users cannot transfer Cardano directly to other wallets, they should be able to convert their Cardano to cash or other crypto. However, if you are converting Cardano to a different crypto, make sure you have the exact corresponding send / receive address of the new crypto before initiating the transaction.

Buy and sell cryptos on an exchange chosen by experts

There are hundreds of platforms around the world waiting to give you access to thousands of cryptocurrencies. And to find the one that’s right for you, you’ll need to decide which features are most important to you.

To get you started, our independent experts have sifted through the options to bring you some of our best cryptocurrency exchanges for 2021. Check out the list here and start your crypto journey, today.

Source link


Comments are closed.