Coinbase Will Suspend Some Operations During Ethereum's PoS Transition

Cryptocurrency exchange Coinbase will suspend deposits and withdrawals of Ethereum and ERC-20 tokens during the migrationblockchain to the Proof-of-Stake (PoS) consensus algorithm.

“At Coinbase, we are reviewing this event [TheMerge] as an important step towards the massive adoption of crypto-economy and will support it in various ways that are consistent with our mission to increase economic freedom in the world,” the message says.

The exchange explained the temporary restrictions as precautionary measures. The company's product manager, Armin Rezayan-Asel, noted that Coinbase does not expect problems with other networks, as well as Ethereum trading.

The platform will inform about the resumption of operations additionally.

“It is important to always be in a state of highreadiness for fraud, especially in the run-up to a merger. We recommend not sending your ETH to anyone in an attempt to “upgrade to ETH2”, as there is no ETH2 token. Assets will be safe during this period, and no action is required on your part to update, ”the company emphasized.

Rezayan-Asel advised Coinbase Prime customers to initiate withdrawals and deposits before or after the mainnet transition to PoS is complete.

The world after The Merge: whether to wait for the rise in the price of Ethereum Classic

Recall that the developers have plannedThe Merge on September 15-16. They pushed the deadlines closer after the successful migration of the Goerli testnet to the PoS algorithm on August 11th. This was considered the last rehearsal before the update was activated on the main network.

On August 13, the quotes of the second largest cryptocurrency by capitalization overcame the $2,000 level for the first time since the end of May.

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