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Coinbase Prepares To Stop Ethereum Deposits And Deposits During Upcoming Merge Upgrade

Coinbase Prepares To Stop Ethereum Deposits And Deposits During Upcoming Merge Upgrade

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Answer Coinbase Prepares To Stop Ethereum Deposits And Deposits During Upcoming Merge Upgrade

Coinbase, the largest cryptocurrency exchange in the United States, is preparing to suspend Ethereum-based deposits and withdrawals during its upcoming “merger” upgrade in September.

Coinbase posted a blog post on Tuesday outlining what to expect from both Coinbase and Ethereum after the long-awaited transformation of the network.

Working to ensure a smooth transition:

According to announce Coinbase, the suspension will affect all movements of Ethereum and coins based on the ERC-20 standard, and the purpose of the suspension is to ensure that the upgrade is properly reflected on the internal Coinbase systems.

Asset trading on Coinbase is not actually expected to be affected.

Read:Bitcoin records a new yearly low amid strong liquidations

From the users’ point of view, the integration is expected to be seamless.

Coinbase said in a statement:

We view this event as a major step towards expanding the adoption of the cryptocurrency economy and will support it in many ways that are in line with our mission to increase economic freedom in the world.

“Merge” is the nickname for the long-awaited six-year Ethereum upgrade.

The protocol’s consensus mechanism will shift from Proof of Work (POW) to Proof of Stake (POS), reducing power consumption by 99.95%.

The move also paves the way for a roadmap for scaling Ethereum, which will help it address issues related to high transaction costs.

After completing the integration of Goerli’s public testnet last week, the merger is finally scheduled to take place on September 15.

Prior to the event, Coinbase advised users to beware of merger scams, which could reach users’ money, as thieves could impersonate Ethereum 2.0 by claiming to convert old Ethereum coins to ETH2, or distribute them for free when doing some deceptive steps.

Currently there is no numeric code associated with the upgrade.

Read:Google wants to integrate its cloud services into blockchain technology

Queen Piece said:

Your assets will be safe during this period and no upgrade action is required on your part.

Read:Here is the amount and value of COIN shares sold by Coinbase executives.

What about pooling ethereum?

Coinbase said that any Ethereum deposits currently stored with the platform will be included in users’ ETH balance after the merger.

Balances will continue to be offered separately, and withdrawals are not expected to be available until early 2023.

More than 10% of all Ethereum in circulation is currently locked in as ETH restricted to the ETH 2.0 Deposit Contract.

According to Glassnode, more than 50% of these funds are managed by 4 quota service providers including:

Binance, Queen Piece, Kraken and Lido.

Read also:

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