The largest cryptocurrency exchange in the United States of America; Coinbase Global Inc., announced on Tuesday that it is already investigating the problems that are making deposits and withdrawals on its Stellar platform delayed. Users have been complaining about delays in deposits and withdrawals and this has drawn its attention.
Stellar is Coinbase’s digital platform and serves as a bridge that connects users, payments systems and banks in a network. Stellar also has its own currency which is called Stellar Lumen. On the Stellar platform, users can convert traditional assets and currencies into cryptocurrency which can then be transferred to other people on the platform. Stellar is also known as Stellar Lumens and is a decentralized system for digital payments. The platform allows for digital money to be converted to fiat money and vice versa, and enables cross-border transactions between currencies. The Stellar protocol is supported by a Delaware non-profit corporation- The Stellar Development Foundation which is also its developer. Stellar was released on the 31st of July, 2014.
Stellar announced that it had received approval from the U.S. Securities and Exchange Commission to list on the Nasdaq just last week. This approval automatically verifies the platform, its operations and the cryptocurrencies traded on the platform. The company is based in San Francisco and instead of an initial public offering, chose a direct listing and plans to start trading on the 14th of April. Thanks to the world’s most famous cryptocurrency; Bitcoin, Coinbase is valued at $68 billion in the private market.
Coinbase says that it is already working on finding the root cause of the delays in deposits and withdrawals on its Stellar platform and assures users of quality of service and that the platform is still willing to serve them. Coinbase assured customers that the issue would be resolved as quickly as possible so that they can be back to enjoying the platform’s services once more without any delay in deposits and withdrawals.