Coinbase to suspend Ethereum deposits and withdrawals during the network’s upgrade
It is not expected to affect the trading of assets already on the exchange
17.08.2022 - 10:20
307
2 min
0
What’s new? Cryptocurrency exchange Coinbase will temporarily stop depositing and withdrawing new ETH and other ERC-20 tokens during the network’s transition from the Proof of Work (PoW) consensus algorithm to Proof of Stake (PoS), which is tentatively scheduled for September 15. According to the company’s blog post, such a decision should ensure that the upgrade is properly reflected in Coinbase's internal systems. It is not expected to affect the trading of assets already on the exchange. The company will announce the resumption of operations in a separate announcement.
What else does Coinbase’s blog say? Ahead of the upgrade, representatives of the exchange advised users to beware of scams:
“We recommend you don’t send your ETH to anyone in an attempt to “upgrade to ETH2” as there is no ETH2 token. Your assets will be safe and secure during this period and no action is required to upgrade on your part.”
Customers of Coinbase Prime’s paid extension have been advised to initiate withdrawals and deposits before or after the mainnet transition to PoS is complete.
What is known about “The Merge”? The upgrade will increase Ethereum’s speed, efficiency, security, and scalability. As a result of the algorithm change from PoW to PoS, the way coins are earned on the network will change from mining to staking. The upgrade may also result in a split into two networks, one of which will continue to run on PoW.
For more details on the prospects of earning on the Ethereum network split, see GetBlock Magazine’s article.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$99 008
BTC
+0.9%
-
Ethereum
$3 306.07
ETH
-1.97%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.44
XRP
+20.12%
-
Dogecoin
$0.411684
DOGE
+6.81%
-
Cardano
$0.997254
ADA
+23.74%
-
Stellar XLM
$0.336507
XLM
+33.25%
-
Bitcoin Cash
$487.93
BCH
+1.72%
-
Polkadot
$6.43
DOT
+8.91%
-
Litecoin
$90.63
LTC
+1.71%