A Crypto exchange platform offers many services to users. Some of these services are Crypto custody, offering interest for staking Crypto, and letting the users transfer their holdings to/from other platforms.
In the light of recent events, one of the major services seems to have taken a hit. Users of Coinbase who hold Cardano are unable to send/receive their holdings to/from another digital wallet.
While there is no official statement from the platform, one Redditor has come forward with a tentative explanation.
Let us first get an idea about the background of Cardano in brief. The digital asset is ranked at the seventh position in the market.
In terms of total valuation, the figure shines with a $37.3 valuation. ADA is being traded with a drop of around 3.66% at $1.11 in the past 24 hours.
Cardano is a proof-of-stake blockchain platform. It allows all the interested participants to bring a positive global change. Participants often include innovators, changemakers, and visionaries who are spread in different locations.
Coming back to the core of this article, the current outage on Coinbase appears to be making it difficult for the holders of ADA.
Out of all the major services, the one service that remains affected is the ability to transfer the digital token to/from another e-Wallet. Users of Coinbase can still buy and sell their Cardano holdings, but they cannot execute the transfer.
The outage has been in place since Friday. The weekend has passed, and the only update that holders have received is a notification that states that the functions are temporarily disabled on the platform.
Coinbase has asked the users to sign up for an email and text notification. Once signed up, they will be notified after the issue has been resolved. There is currently no estimated timeline provided by the officials of Coinbase.
The ability to transfer holdings from one e-wallet to another e-wallet is a major benefit. The issue of being unable to do the same is currently isolated only to Cardano.
There has been no word from the officials, but one Redditor has come out with a proposed explanation for the issue. Named Hyrootpharms, the Redditor has said that the developers of Coinbase recently concluded a system update requiring receiver address validation, but the same has not yet been reflected in the systems of the exchange platform.
It remains a mystery if the explanation is true. Users, for now, await for the concern to be addressed and resolved officially.
Users of Coinbase who hold Cardano can sign up for the notification on the official webpage of Coinbase Status. It allows users to receive email and text notifications after the issue has been resolved.
Users can convert ADA to another Cryptocurrency or cash and proceed with the transfer. You can check out where the ADA prices will stand in the future by taking a look at this ADA price prediction.