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- Crypto exchange, Coinbase updated its information related to the Ethereum transition.
- It mentioned evaluating any potential forks on a “case by case basis” in the Ethereum blockchain.
Through a blog post updated on August 26, 2022, Thursday, Coinbase stated that its evaluation of any potential forks will be “case by case basis” in the ETH blockchain network. While the firm previously stated that it planned to ‘briefly pause’ Ether (ETH) and ERC-20 token deposits and withdrawals at the time of Merge. The Merge is expected between September 10 to 20, this year.
What does Coinbase Explain in its Blogpost?
According to Coinbase, “Should an ETH PoW fork arise following The Merge, this asset will be reviewed with the same rigor as any other asset that is listed on our exchange.”
The ETH-associated firms and exchanges make announcements to inform their clients of any preparations required ahead of the Merge from Proof-of-Work (PoW) to Proof-of-Stake (PoS). After the Merge, the energy consumption of blockchain expected to drop precipitously improving scalability, and reducing network attacks.
It is uncertain to make any statement on the crypto user’s response to a forked PoW token that is listed on Coinbase or any other crypto exchange. While Coinbase launched an ERC- token to use staked ETH along with earning rewards, cbETH.
On August 25, 2022, Thursday, another crypto exchange Binance, also announced that it would offer support for new tokens that are created by a potential hard fork but they “do not guarantee any listings” without a review process. Similarly, BitMEX, also made an announcement on August 8, 2022, that its offering was “highly speculative” and “might never exist.”
The ETH Merge somehow collected the spotlight in recent times. While at the time of writing, the price of ETH is at $1,506.11 USD with a noted down of 9.38% in the past 24 hours.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
