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Buying and selling Cardano seems to be working fine at the time of writing on Coinbase.
Important points
- Since Friday, Coinbase users who own the cryptocurrency Cardano (ADA) can no longer send or receive the digital asset from the platform.
- While buying and selling crypto is still working, transfers to and from the crypto trading exchange are disabled.
- No official word from Coinbase about the cause of the isolated money transfer failure or the estimated time to restore service.
Reddit forums chatted over the weekend about Cardano (ADA) Coinbase holders being unable to send or receive that particular crypto to or from digital wallets. When I personally tried to send this particular cryptocurrency to another of my digital wallets this morning, a pop-up notification appeared stating that Cardano “send / receive” features were temporarily disabled. However, a separate sale and purchase of Cardano that I did on Coinbase this morning went smoothly.
Centralized crypto exchanges – like Coinbase – typically offer users a handful of services, including crypto safekeeping or custody, staking crypto to earn interest, buying and selling crypto, and seamlessly transferring funds in and out Enable e-wallets. The ability to send and receive digital assets from digital wallet to wallet is a huge benefit for crypto holders, while the obstruction of this service can be a huge headache for users who do not get instant access to their funds.
Cardano transfer failure on Coinbase
The payment default for Cardano has existed since Friday. There is no official word from Coinbase as to why this issue is isolated on ADA, nor has an estimated schedule for the restoration of service been provided. This is the message users see when they sign up for updates on the outage:
“Send / Receive is currently disabled for Cardano (ADA). While we are working on a fix, your funds will remain safe on Coinbase. You will receive email notifications when incidents are updated and SMS notifications when Coinbase creates an incident.” or solve. “
One possible explanation for the Cardano-focused outage comes from a Redditor called “Hyrootpharms” who announced that Cardano developers recently completed a system update that required “recipient address validation” as a security upgrade for anyone sending Cardano to a digital wallet. The Redditor went on to claim that Coinbase has not yet updated its system to reflect this change.
Messages to Coinbase Support and the Cardano Foundation this morning to clarify the problem have not received any replies.
Details about Cardano
According to the Cardano Foundation, the coin is a proof-of-stake blockchain platform that should enable “changemakers, innovators and visionaries” to bring about positive global change. At the time of writing, Cardano was trading at $ 1.11, down 3.66% over the past 24 hours. It currently ranks seventh on CoinMarketCap.com with a valuation of more than $ 37.3 billion.
Registration for the Coinbase failure update
Anyone interested in receiving automatic updates on the default status can visit the official Coinbase status page and sign up for SMS or email updates. While affected users cannot transfer Cardano directly to other wallets, they should be able to convert their Cardano into cash or another cryptocurrency. However, if you are converting Cardano to another crypto, make sure you have the exact corresponding send / receive address of the new crypto before initiating the transaction.
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