Cryptocurrency exchange giant Coinbase has announced a cessation of trading for IoTeX’s IOTX token, following a decision that was first communicated in August. Despite the trading halt, the company reassured users that they would retain access to their funds, allowing them to withdraw their IOTX holdings at any time.
Why Was Trading Stopped?
Coinbase clarified that the suspension of trading would affect both its simple and advanced trading sections, as well as Coinbase Exchange and Coinbase Prime. While the decision specifically stemmed from routine token evaluations, the platform did not disclose which listing criteria IoTeX failed to satisfy.
Coinbase Markets stated that transactions for IoTeX have been deactivated, yet users’ funds remain accessible, allowing for withdrawals at any time.
Serving as America’s largest cryptocurrency marketplace, Coinbase caters to both retail and institutional investors. The IOTX token was originally listed in August 2021, during a period characterized by strong market movements.
What Is IoTeX’s New Focus?
Initially conceived as a blockchain project centering on the Internet of Things (IoT), IoTeX has since expanded its focus to encompass decentralized physical infrastructure networks and artificial intelligence, aiming to facilitate machine-to-machine trade. This strategic pivot positions IoTeX as a competitor to IOTA, which similarly seeks to optimize the machine economy.
A quick glossary: DePIN represents a decentralized network model where physical infrastructures are set up and managed through blockchain-based incentives, extending into areas like sensors, wireless networks, data collection, or hardware sharing.
Following the suspension of trading, IoTeX promptly sought to reassure its community. The project released a statement on their X account outlining that user assets remain user-owned and withdrawals via Coinbase are still operational.
The team at IoTeX announced that although Coinbase has halted transactions, IOTX holdings are still accessible for users, who can proceed with withdrawals.
Foundation Offers 1:1 Conversion
For users holding the older ERC20-based IOTX on Coinbase, IoTeX has outlined a transition plan. The IoTeX Foundation will facilitate a 1:1 conversion for those who wish to switch to the native IOTX token.
From a technical standpoint, the network went live with the v2.4.0 update in June 2026. This update incorporated aspects of Ethereum’s Pectra upgrade into the IoTeX blockchain. Despite these technological advancements, the token continues to experience a significant drop in market value.
- Following Coinbase’s announcement, IOTX’s market value has dropped by 5% on the day.
- The token has experienced an approximately 85% decline over the last year.
- IoTeX’s move towards AI and DePIN aims at expanding blockchain utility by fostering machine-to-machine commerce.
IoTeX remains committed to groundbreaking innovations that redefine blockchain use cases, hoping to counteract recent market challenges with promising technological advancements. These transformative steps are intended to widen IoTeX’s appeal beyond its initial IoT focus and into more dynamic sectors.
