Coinbase investigating transaction delays on its financial platform

FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken March 15, 2021. REUTERS/Dado Ruvic/Illustration//File Photo

(Reuters) – Coinbase Global Inc, the largest U.S. cryptocurrency exchange, said on Tuesday it was investigating issues that are causing delays in deposits and withdrawals on its Stellar platform.

Stellar is its secure platform that connects banks, payments systems and users in a network and has its own cryptocurrency called Stellar Lumen, according to its website.

Users can turn traditional assets and currencies into tokens, which can then be transferred to other users of the platform.

Last week, the exchange said it had received approval from the U.S. Securities and Exchange Commission to list on the Nasdaq, marking a tacit regulatory approval for the cryptocurrencies traded on its platform and a victory for advocates of digital currencies.

The San Francisco-based company, which opted for a direct listing instead of an initial public offering, plans to start trading on April 14.

Coinbase was valued at around $68 billion in the private market, thanks to a surge in mainstream acceptance of Bitcoin, the world’s largest virtual currency.

(This story corrects typo in paragraph 1)

Reporting by Niket Nishant in Bengaluru; Editing by Arun Koyyur