During the blockchain’s transition to the Proof-of-Stake (PoS) consensus algorithm, the Coinbase Cryptocurrency Exchange will suspend Ethereum and ERC-20 token deposits and withdrawals.
Ethereum🤝Proof-of-Stake
It’s finally happening! Here’s how we’re getting ready for The Merge👇https://t.co/AIIUqWcDxm
— Coinbase (@coinbase) August 16, 2022
«At Coinbase, we see this event [The Merge] as an important step toward the large-scale implementation of the crypto economy and will support it in a variety of ways that align with our mission to increase economic freedom around the world,» the message stated.
The exchange explained the time constraints as precautions. Coinbase’s product manager, Armin Rezayan-Asel, stated that the company does not anticipate any issues with other networks or Ethereum trade.
The platform will provide additional information once operations resume.
«It is critical to maintain a high level of readiness for fraud at all times, especially in the run-up to the merger. We strongly advise against sending ETH in an attempt to upgrade to ETH2″ because there is no ETH2 token. The assets will be safe during this time, and no action on your part is required for the upgrade», emphasized the company»
Customers of Coinbase Prime were advised by Rezaian-Asel to start withdrawals and deposits either before or after the switch to PoS.
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