Cryptocurrency exchange Coinbase has updated its information related to Ethereum’s transition to proof-of-stake to include forks that may arise.
In a Thursday update to a blog post from August 16, Coinbase said it would evaluate any potential forks on the Ethereum blockchain on a “case-by-case basis.” The crypto exchange previously said it planned to “briefly pause” Ether (ETH) and ERC-20 token deposits and withdrawals during the Merger, which is expected to occur between September 10 and 20.
“Should an ETH PoW hard fork emerge after The Merge, this asset will be reviewed with the same rigor as any other asset listed on our exchange,” Coinbase said.
Rest assured, all potential forked tokens of Ethereum, including PoW forks, will go through the same strict listing review process that is done for any other asset listed on our exchange.
— Coinbase Assets (@CoinbaseAssets) August 25, 2022
Rest assured that all potential forked Ethereum tokens, including PoW forks, will go through the same strict listing review process as any other asset listed on our exchange.
Cryptocurrency exchanges and companies dealing with ETH have made announcements informing customers of the necessary preparations before the merger from proof-of-work, or PoW, to proof-of-stake, or PoS.. Many hope that the energy consumption of the blockchain will be drastically reduced, that scalability will improve and that the network will be less vulnerable to attacks.
It is unclear how crypto users will respond to a forked PoW token being traded on Coinbase or any crypto exchange like Ethereum transitions. On Wednesday, the platform launched an ERC-20 token that will allow customers to stake ETH while earning rewards, cbETH.
Binance also said Thursday that it may offer support for new tokens created by a potential hard fork but would “not guarantee any listings” without a review process.. BitMEX made a similar announcement on August 8, adding that the offering was “highly speculative” and “may never exist.”
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