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Loom Network (LOOM)

Loom Network (LOOM) is an Ethereum token that powers a network of delegated proof of stake sidechains (a system that Loom dubs “EOS on Ethereum”). This allows for highly-scalable games and user-facing dApps backed by the security of Ethereum.

What products support LOOM?

  Send/Receive Trading
Coinbase           ✖️      ✖️
Pro            ✔       ✔
Wallet            ✔      ✖️

What regions support LOOM?

Coinbase    ✖️ ✖️   ✖️ ✖️ ✖️ ✖️ ✖️ ✖️
Pro    ✔  ✔   ✔  ✔ ✖️  ✔  ✔ ✖️
Wallet  ✔  ✔   ✔  ✔  ✔  ✔  ✔ ✖️

Crypto to fiat trading pairs

USD    ✔  ✖️ ✖️
GBP   ✖️  ✖️
EUR   ✖️ ✖️ ✖️

Note: Coinbase Wallet does not support direct bank transactions. You’ll need to transfer your crypto to Coinbase.com or send it to an external address in order to cash out.

Crypto to crypto trading pairs

LOOM      ✔   ✔   ✖️  ✖️

See the full list of countries that Coinbase supports for crypto-to-crypto trading.

Note: Only assets hosted on the Ethereum blockchain can be converted through the Coinbase Wallet mobile app at this time. Learn more about trading on Coinbase Wallet.

How many confirmations are needed for LOOM?

LOOM requires 35 network confirmations. Learn about transaction confirmations.

Which blockchain network hosts LOOM?

LOOM is hosted on the Ethereum blockchain.

What are the minimum and maximum withdrawal amounts?

Coinbase has implemented safeguards to ensure a healthy and efficient network both on-chain and through our platform.  

These safeguards include both minimum and maximum amounts for each cryptocurrency we allow customers to send through the blockchain.

There is a withdrawal minimum of 0.01 Loom Network (LOOM) and a maximum of 10,000,000 to send from Coinbase to an external address.

What happened with the LOOM network on February 1st, 2021?

LOOM deployed their new token and swap contracts on February 1st, 2021. You can reference LOOM’s blog for the latest information about the token swap. While we won’t support the new smart contract at the time of the initial token swap, we will initiate a conversion at a later date in 2021.

What do I need to know about the LOOM token swap?

  • The LOOM token is only available on Coinbase Pro. Coinbase will not support the new smart contract at the time of the token swap. You won’t be able to trade (buy/sell) the new token.
  • You can still trade the older version of LOOM before the conversion later in 2021. Once Coinbase supports the new smart contract later in 2021, Coinbase will automatically convert all the LOOM tokens in your account and trading will be enabled.
  • We’ll notify LOOM users a few weeks before the conversion once a conversion date is determined.You have the option to move your LOOM tokens out of Coinbase any time before the conversion date.
  • When sending/receiving LOOM tokens, please check what version of LOOM tokens you currently hold. Exchanges and wallets might have or have not updated to the new token contract, and your funds might be lost if you send an unsupported version of LOOM.  The Ethereum contract address for the old LOOM token is: 0xa4e8c3ec456107ea67d3075bf9e3df3a75823db0

Will I be able to deposit the new LOOM token in Coinbase Pro before the conversion?

No. Coinbase Pro LOOM wallets, supporting the new smart contract, won’t be available until after the conversion later this year.

What happens if I deposit the new LOOM token into my Coinbase account before the conversion?

If you transfer the new LOOM token from another exchange to Coinbase before the upgrade then the token would remain in Coinbase’s custody, but will not be accessible or available for withdrawal until the LOOM smart contract is supported.

What happens if I deposit the old LOOM smart contract after it’s deprecated on Coinbase?

These deposits would not be supported and treated as an unsupported digital currency. Depositing unsupported assets in your Coinbase account will cause you to lose them.

Sending and receiving

  • You will be able to send & receive the old LOOM before update/conversion
  • You will not be able to send & receive the new LOOM smart contract before the upgrade/conversion
  • After the upgrade date, sending and receiving the new LOOM tokens will be enabled on Coinbase  Pro but sending and receiving old LOOM tokens will no longer be available

What happens to my LOOM after the mandatory conversion to the new LOOM smart contract?

  • As previously mentioned, all of your LOOM tokens will automatically convert to the new smart contract and your LOOM tokens will be available in Coinbase Pro
  • You’ll then be able to buy, sell and convert LOOM on Coinbase Pro

Will we support the new LOOM token on Pro trading books?

Yes, but only after the conversion.

What does this mean for LOOM in my standalone Coinbase Wallet?

If you have LOOM in your Coinbase Wallet, LOOM funds will not convert to LOOMv2, you will need to follow the instructions outlined by Loom

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