Coinbase Issues Temporary Outage Update To Users, Here’s Why

American cryptocurrency exchange Coinbase Global Inc. has taken to X to inform its users of an incoming temporary outage on its platform. The exchange clarified that its platform would be temporarily unavailable because of an upgrade that it intends to carry out.

Coinbase Plans a System Upgrade

The scheduled upgrade will commence on Saturday, October 26, 2024, at or about 9 AM PT and last for two hours. This temporary pause will affect several of the exchange’s products, including the Simple and Advanced Trade. Trading across Coinbase platforms like Exchange and Prime will also be unavailable.

According to the digital asset service provider, all transfers will be unavailable on Coinbase Exchange, and any in-flight transfers will be delayed. However, users will still have access to their accounts, and no action is required. Coinbase has seen a number of such service outages in the past.

When Bitcoin hit an All-Time High (ATH) of more than $73,000, Coinbase faced a massive outage. It is worth noting that this particular Coinbase outage marked the third within two weekS.

In May, the crypto exchange experienced system-wide outage but saw a quick full recovery. Users kept giving a “503 Service Temporarily Unavailable” error message. Once it was fixed, Coinbase apologized to the users for the inconvenience caused during the downtime. They were reassured of the restoration of services.

While this development may cause some inconvenience, it is likely to bring some improvements to the exchange and its Layer-2 blockchain Base. Notably, the launch of cbBTC is expected to have a similar effect on Base Network in the long term. Precisely, it is set to enjoy increased network activity in the wake of the “Uptober” hype.

Exchanges and Flagship Listings

In another Coinbase update, the trading platform has been adding support for new projects in the industry.

In one of such instances, users were encouraged to avoid sending EigenLayer (EIGEN) over other networks or risk losing their funds. This is because Coinbase added support for EIGEN on the Ethereum network (ERC-20 Token). Also, transfers for the asset would be made possible on Coinbase in regions where their trading is allowed.

Binance has also confirmed EIGEN listing. The spot trading for specific pairs commenced today October 1 at 05:00 UTC. Markedly, the new spot trading pairs available for trading are EIGEN/BTC, EIGEN/USDT, EIGEN/FDUSD, and EIGEN/TRY.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.