• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Saturday, January 28, 2023
WongaNews.com
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
WongaNews.com
No Result
View All Result

Coinbase Will Pause Ethereum Transactions During “The Merge”

August 16, 2022
in Bitcoin
Reading Time: 3 mins read
A A
ShareShareShareShareShare

Related articles

U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

January 28, 2023

Sao Paolo Introduces Blockchain in Data Access Law – Regulation Bitcoin News

January 28, 2023

In around a month, Ethereum will transition from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus. This event was dubbed “The Merge”, tentatively set for September 15 to 16, and will complete a 6-year journey into the new consensus algorithm and blockchain.

Users, exchange platforms, miners, and developers are gearing up for the event. Major crypto exchange platform Coinbase recently announced their measures ahead of the Ethereum “Merge” via an official post.

The exchange will “briefly” pause transactions with Ethereum and with tokens using the ERC-20 standards, these includes deposits and withdrawals. The platform claims that this decision is a “precautionary measure” for the users.

The crypto exchange platform made the following recommendation to users as “The Merge” becomes a certainty across the Ethereum ecosystem, but confusion arise in the community:

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.

The platform emphasized the former point: ahead of “The Merge” users will see an ETH2 ticker to represent staked ETH. This ticker will be outdated once the PoS transition is completed as there “is no ETH2 token”.

The pause in Ethereum transactions will enable Coinbase to “ensure that the transition has been successfully reflected by our systems” and to mitigate any potential threats to the users’ funds. On the latter, Coinbase claims that they are not expecting issues for other cryptocurrencies or additional operations:

We do not expect any other networks or currencies to be impacted and expect no impact to trading for ETH and ERC-20 tokens across our centralized trading products.

What Ethereum Users Will Experience During The Merge On Coinbase

The exchange platform claimed that “The Merge” will allow Ethereum to move forward on its roadmap towards implementing more upgrades and improving on scalability. During the event, Coinbase committed to informing its users of the status related to ETH and ERC-20 transactions.

In that sense, they asked their users to keep their eyes open for potential scams which are sure to be on the rise during “The Merge” and the controversy around the different ETH tokens. The exchange claims that all users’ funds will be secure during this event.

In addition, the crypto exchange warned users about potential dealers with other Ethereum-related services. Specifically, Coinbase Prime and Exchange customers might experience “temporary delays in custody withdrawal availability”. The company concluded:

(…) the Merge is the culmination of years of work by the Ethereum Foundation, independent researchers, client teams, infrastructure providers like Coinbase Cloud, and many others. At Coinbase, our role is to protect users’ assets and help ensure a seamless transition across Coinbase products.

At the time of writing, ETH’s price trades at $1,870 with a 2% loss in the last 24 hours.

ETH’s price moving sideways on the 4-hour chart. Source: ETHUSDT Tradingview

Credit: Source link

ShareTweetSendPinShare
Previous Post

XRP Classified as “Digital Currency”: Goldman Sachs, Wells Fargo

Next Post

Hacker Group Anonymous Emerge to Investigate BAYC

Related Posts

U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

January 28, 2023

The U.S. government is set to tighten regulations to mitigate the growing risks associated with the crypto industry. This development...

Sao Paolo Introduces Blockchain in Data Access Law – Regulation Bitcoin News

January 28, 2023

The Brazilian city of Sao Paolo has introduced the concept of blockchain in its municipal data access and transparency law....

Goldman Sachs Ranks Bitcoin Best Performing Asset so Far This Year – Markets and Prices Bitcoin News

January 28, 2023

Goldman Sachs has ranked bitcoin the best-performing asset so far this year. The cryptocurrency also tops the global investment bank’s...

Vehicle Titles On Chain? California To Tap Tezos For New Pilot Project

January 28, 2023

State Department of Motor Vehicles divisions aren’t exactly known for efficiency. However, a new pilot project from California’s state DMV...

Does the Crypto Market Have The Strength To Break To The Upside? QCP Capital Weighs In

January 28, 2023

The conditions of the cryptocurrency market have changed drastically; according to an analysis by QCP Capital, the options market in...

Load More
Next Post

Hacker Group Anonymous Emerge to Investigate BAYC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

CryptoArt Sundays: Interview with Zahra Parkah

January 1, 2023

THETA Breaches $1 Level Courtesy Of Solid On-Chain Developments

January 22, 2023

Gemini co-founder calls to oust DCG CEO; Binance liquidates $75M SHIB

January 10, 2023

About Us

Wonga News is an online news portal that aims to provide the latest crypto news, blockchain, regulations, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch with us!

What’s New Here!

  • L’Dezen Shines With NFT Fashion Accessories
  • Meta Masters Guild Raises Over $1.5 Million During Presale with Just Days Left Before 23% Price Rise
  • How crypto turned Portugal into a promised land for entrepreneurs

Newsletter

Loading
  • Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 WongaNews.com - All Rights Reserved!

No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading

© 2022 - WongaNews.com - All Rights Reserved!

  • bitcoinBitcoin(BTC)$22,992.00-0.61%
  • ethereumEthereum(ETH)$1,574.33-1.18%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.000.04%
  • usd-coinUSD Coin(USDC)$1.00-0.01%
  • binancecoinBNB(BNB)$305.72-0.44%
  • rippleXRP(XRP)$0.409895-0.18%
  • binance-usdBinance USD(BUSD)$1.000.01%
  • cardanoCardano(ADA)$0.3833250.33%
  • dogecoinDogecoin(DOGE)$0.0883751.84%
  • matic-networkPolygon(MATIC)$1.14-3.26%
  • okbOKB(OKB)$38.827.23%
  • solanaSolana(SOL)$24.04-1.19%
  • staked-etherLido Staked Ether(STETH)$1,571.10-1.16%
  • polkadotPolkadot(DOT)$6.41-1.00%
  • shiba-inuShiba Inu(SHIB)$0.0000121.29%
  • avalanche-2Avalanche(AVAX)$20.8011.77%
  • litecoinLitecoin(LTC)$87.95-0.32%
  • tronTRON(TRX)$0.063210-0.49%
  • daiDai(DAI)$1.00-0.15%
  • uniswapUniswap(UNI)$6.65-1.56%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,958.00-0.48%
  • cosmosCosmos Hub(ATOM)$13.271.06%
  • ToncoinToncoin(TON)$2.522.51%
  • chainlinkChainlink(LINK)$7.22-1.22%
  • leo-tokenLEO Token(LEO)$3.73-2.81%
  • moneroMonero(XMR)$182.642.92%
  • ethereum-classicEthereum Classic(ETC)$21.70-0.82%
  • AptosAptos(APT)$17.68-1.98%
  • bitcoin-cashBitcoin Cash(BCH)$132.96-1.96%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • stellarStellar(XLM)$0.092455-0.28%
  • apecoinApeCoin(APE)$6.02-3.69%
  • quant-networkQuant(QNT)$148.44-2.25%
  • nearNEAR Protocol(NEAR)$2.46-1.96%
  • crypto-com-chainCronos(CRO)$0.080808-0.43%
  • filecoinFilecoin(FIL)$5.28-1.79%
  • lido-daoLido DAO(LDO)$2.26-4.64%
  • algorandAlgorand(ALGO)$0.2557780.62%
  • vechainVeChain(VET)$0.023975-2.13%
  • hedera-hashgraphHedera(HBAR)$0.067619-2.27%
  • internet-computerInternet Computer(ICP)$5.92-4.05%
  • decentralandDecentraland(MANA)$0.714.31%
  • axie-infinityAxie Infinity(AXS)$11.38-0.95%
  • aaveAave(AAVE)$84.09-4.07%
  • eosEOS(EOS)$1.09-1.99%
  • the-sandboxThe Sandbox(SAND)$0.74-0.41%
  • fantomFantom(FTM)$0.448196-5.55%
  • elrond-erd-2MultiversX(EGLD)$44.47-0.64%
  • flowFlow(FLOW)$1.06-2.74%