Coinbase Cuts Support for DAI on Multiple Blockchains
Coinbase will soon limit users' ability to deposit and withdraw the decentralized stablecoin DAI on several blockchains, including Avalanche, Arbitrum, and Optimism. Starting from August 17, only Ethereum will support DAI transactions.
The decision is part of Coinbase's efforts to streamline its operations and reduce costs. The company will no longer allow users to deposit or withdraw DAI on the affected networks, which may impact traders who rely on these blockchains for their cryptocurrency activities.
Users who have already deposited DAI on these networks before August 17 will still be able to withdraw it after the cutoff date, but they won't be able to make new deposits. The change is intended to reduce the complexity of Coinbase's operations and improve its overall efficiency.