Deposits and withdrawals of Ethereum and ERC-20 tokens will be suspended during the blockchain migration to the Proof-of-Stake (PoS) consensus algorithm.
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 are reviewing this event [The Merge] as an important step towards the large-scale implementation of cryptoeconomics and will support it in various ways that are consistent with our mission to increase economic freedom in the world,” the message says.
Such restrictions will be introduced as a precautionary measure. The company’s product manager, Armin Rezayan-Asel, noted that Coinbase does not expect problems with other networks, as well as Ethereum trading.
When the exchange resumes operations with currencies, it will inform you additionally.
“It is important to always be on high alert for fraud, especially in the run-up to a merger,” the company added.
In addition, Rezayan-Asel advised Coinbase Prime customers to initiate withdrawals and deposits before or after the mainnet transition to PoS is complete.
Previously, the developers scheduled The Merge to September 15-16.
We also wrote that the Goerli testnet was switched to the Proof-of-Stake algorithm.
