Coinbase Announces Temporary Outage for Platform Upgrade

Leading U.S. cryptocurrency exchange Coinbase has notified users of an upcoming temporary outage on its platform via social media. The exchange explained the outage is necessary to implement a planned system upgrade.

Scheduled Downtime Details

The upgrade is set to begin on Saturday, October 26, 2024 at approximately 9 AM PT and last for two hours. During this time, several Coinbase products will be unavailable, including Simple and Advanced Trade. Trading across Coinbase Exchange and Prime will also be suspended.

Coinbase stated that all transfers on Coinbase Exchange will be halted and any in-progress transfers will experience delays. However, users will still be able to access their accounts, and no action is required on their part.

Past Outages

This is not the first time Coinbase has experienced service interruptions. The exchange faced significant outages when Bitcoin reached its all-time high above $73,000 earlier this year, marking the third such incident in a two-week period.

In May, Coinbase underwent a system-wide outage but quickly restored full functionality. Users encountered “503 Service Temporarily Unavailable” error messages during the downtime. Once resolved, Coinbase apologized for the inconvenience and assured users that services had been fully restored.

Potential Improvements

While the scheduled maintenance may cause temporary inconvenience, it is likely to bring enhancements to the exchange and its Layer-2 blockchain, Base. The recent launch of cbBTC is expected to have a positive long-term impact on Base Network activity, especially amid the current “Uptober” optimism in the crypto market.

New Token Listings

Coinbase has been expanding support for new projects in the crypto space. The exchange recently added support for EigenLayer (EIGEN) on the Ethereum network as an ERC-20 token. Users were cautioned to only send EIGEN over the Ethereum network to avoid potential loss of funds. EIGEN transfers will be enabled on Coinbase in regions where trading is permitted.

Binance has also announced EIGEN listing, with spot trading for EIGEN/BTC, EIGEN/USDT, EIGEN/FDUSD, and EIGEN/TRY pairs commencing on October 1 at 05:00 UTC.