Coinbase will briefly pause deposits and withdrawals for some altcoins/tokens during the Ethereum merge.
These altcoins/tokens will be suspended during Ethereum merge
The crypto exchange also warned users against scammers offering ETH2 tokens. He said that users do not need to take any additional action to receive ETH staked before the merge. The US-based cryptocurrency exchange announced that it will temporarily suspend certain token deposits and withdrawals once Ethereum core developers migrate the blockchain to PoS.
Coinbase product manager Armin Rezaiean-Asel said in a blog post on Tuesday that during the merge event, the crypto exchange will stop deposits and withdrawals of Ethereum and ERC-20 tokens “as a precautionary measure”. The exchange also said that crypto users do not need to take any additional action to receive staked ETH prior to the merge. It also warned users against scammers offering ETH2 tokens. Rezaiean-Asel adds that they are taking precautions against potential confusion during the merge:
While Merge is expected to be user-friendly, this downtime allows us to ensure that the migration is successfully reflected by our systems. We do not expect other networks or currencies to be affected and do not expect it to affect the trading of ETH and ERC-20 tokens in our centralized products.
https://twitter.com/coinbase/status/1559554821060841472
Coinbase won’t be the only exchange to stop trading
Crypto exchanges probably won’t be the only exchanges to announce measures or changes in trading activities as the Ethereum merge approaches. On Friday, we reported that core developers expect a temporary merge date on September 15, although there are “unforeseen circumstances”.
After the Ethereum network transitions from PoW to PoS, many expect energy consumption to drop rapidly. In addition, it is expected to increase scalability and be less vulnerable to attacks. However, the developers reported that ETH gas fees may not necessarily drop. Also, it won’t be much faster for transactions on the network than it used to be.
When will the Ethereum merge happen?
Ethereum is now expected to complete the merge on September 15, 2022 (TTD 587500000000000000000000). This six-year milestone will reduce energy consumption for the Ethereum network by the predicted 99.95% compared to PoW.
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