With the highly anticipated Ethereum merge happening next month—and the blockchain moving from proof of work to proof of stake—the biggest crypto companies are now beginning to announce what the experience will look like for retail investors.
Coinbase will temporarily pause Ethereum and ERC-20 token deposits and withdrawals during the merge, the exchange announced Tuesday.
The pause is a precautionary measure, Coinbase said in a blog post, with the downtime allowing the exchange to “ensure that the transition has been successfully reflected by our systems.” The “merge” refers to a significant protocol update that will see the Ethereum mainnet combined with the proof-of-stake beacon chain, completing the network’s transition to proof of stake.
“Pausing deposits and withdrawals during an asset upgrade is standard operating procedure,” a Coinbase representative told Decrypt via email.
Indeed, Coinbase and other crypto exchanges have paused deposits and withdrawals in the past when...
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