Coinbase Begins On-Chain Fund Migration to New Wallets

Coinbase has begun transferring its onchain funds, including Bitcoin (BTC) and Ethereum (ETH), to new internal wallets. According to a blog post, this upgrade will enhance the company’s management of these digital assets and improve security.

It is worth noting that the exchange confirmed it planned this migration ahead of time. As such, the upgrade is not related to current market trends, price changes, or wider industry events.

Users Have Nothing to Worry About

As this migration begins, blockchain observers will see large transfers of BTC and ETH coming from Coinbase’s existing wallets. These transfers are normal internal moves and are not related to user actions or withdrawals from the exchange. The prominent exchange also affirms that these transfers are just part of an internal reorganization.

Importantly, Coinbase assures users that there will be no downtime during the migration. The engineering teams have planned the update so that customers can continue trading, sending, and receiving cryptocurrency without interruption. 

Additionally, the company confirms that customer deposit addresses will remain the same. Users can still deposit BTC, ETH, or other supported assets using their current addresses. All customer funds will stay secure, accessible, and unchanged throughout the upgrade. With this migration, Coinbase also shows its commitment to being a safe and forward-thinking leader in the cryptocurrency industry. 

Coinbase Unveils New Platform for Investors

Recently, the world’s largest cryptocurrency exchange announced a new platform. This new platform will allow individual investors to buy digital tokens before they are listed on the exchange. Ultimately, this move helps Coinbase expand its ecosystem and find new ways to generate funds beyond regular trading services.

To participate, investors must be fully registered, in good standing, and meet the exchange’s eligibility requirements. Meanwhile, all purchases will be made via USD Coin (USDC), Coinbase’s preferred stablecoin. This will ensure transparency and also meet regulatory standards.

The main criteria for assessment will include user interest, the qualifications of the founding team, token economics, and vesting schedule. This thorough vetting process will help build investor confidence. It also allows only high-quality, legitimate projects on Coinbase’s early access platform.

Coinbase Prime Expands Staking Services

As reported by TheCoinRise, Coinbase Prime and Figment have joined forces to help institutional investors stake on more proof of stake (PoS) networks. The new setup allows institutions to manage staking, trading, and financing all in one secure and convenient place.

The new integration now supports several popular PoS blockchains. These include Solana blockchain, Sui, Aleo, Aptos, Avalanche, Cardano, Axelar, Celestia, Cosmos, NEAR, EigenLayer, and Polkadot networks. It was revealed that more networks will be added soon as demand grows.