- Coinbase today announced that as a precautionary measure, ETH and ERC-20 token deposits and withdrawals will be temporarily suspended during the Ethereum merge.
- Trading services are not expected to be affected.
- The Ethereum Merge is tentatively scheduled for September 15th.
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Coinbase has announced that it will temporarily suspend deposits and withdrawals of ETH and ERC-20 tokens while Merge is being upgraded. Customers will be able to use the platform’s trading services during the switchover of Ethereum’s consensus mechanism, but will not be able to deposit or withdraw ETH or ERC-20 tokens.
Coinbase is preparing for the Ethereum merge with great care.
Major cryptocurrency exchange Coinbase announced Today’s blog post states that Ethereum will “pause” ETH and ERC-20 token deposits and withdrawals while it transitions to Proof of Stake. schedule The exchange indicated that the measures were preventive.
Ethereum is set to switch from a proof-of-work consensus mechanism in a highly anticipated event colloquially known in the cryptocurrency community as a “merge”. Among other benefits, Merge will significantly reduce his Ethereum energy consumption and is projected to reduce the ETH token emission rate by 90%.
Coinbase said the downtime will allow the exchange to seamlessly incorporate upgrades into its system. Coinbase users will be warned about the resumption of deposits and withdrawals via the exchange’s status page and official Twitter account. Trading services are not expected to be affected.
The exchange indicated that users of Coinbase wallets were unlikely to be affected by the operation, assuming the merge was successful, as the wallets are self-managed. Meanwhile, Coinbase Commerce customers will be temporarily unable to process new payments.
After the merger, Coinbase customers will also see their ETH balance staked in their ETH wallet instead of under the ETH2 ticker. The balance of staked and unstaked ETH will continue to be separated. The exchange said staked ETH he cannot de-stake until early 2023.
ethereum broken $2,000 price mark right after success completion Last week, the Goerli testnet ran its final Merge test.Still, Ethereum creator Vitalik Buterin said said Merge hasn’t been ‘priced’ yet, and the excitement about the upgrade only really kicks in once it’s done.
Disclosure: At the time of writing, the author of this article owned ETH and several other cryptocurrencies.