Coinbase decides to pause ERC-20 network support ahead of “TheMerge”
The US-based Nasdaq-listed crypto exchange Coinbase decided to halt all the crypto withdrawal, which are supported on the Ethereum network.
Ethereum is the second biggest crypto blockchain network in the crypto industry, in terms of use & trade volume of its native token ETH. At this moment, the Ethereum blockchain operates on Proof-of-work consensus but developers are working hard to shift the Ethereum blockchain from Proof-of-work to Proof-of-stake.
On 16 August, Coinbase announced that it will stop all the crypto withdrawal & withdrawals on the Ethereum network because of the ongoing development work in the Ethereum blockchain.
The exchange explained that it is a measure taken by the platform to remain away from any kind of technical problem.
Exchange added:
“During the Merge, Coinbase will briefly pause new Ethereum and ERC-20 token deposits and withdrawals as a precautionary measure.”
Nasdaq listed Coinbase platform also said that the decision taken by the exchange to ensure that no other crypto assets may face issues and also to prohibit the occurrence, where we need to stop trading of a particular asset.
“This downtime allows us to ensure that the transition has been successfully reflected by our systems. We do not expect any other networks or currencies to be impacted.”
In short, exchange don’t want take any risk for other crypto assets or ETH trading on the platform.
Initially, the expected date of the completion of Ethereum’ TheMerge was 19 September. But now all technical analysis & test net results confirmed that it will be completed by 15 September and crypto deposit & withdrawal will remain paused on Coinbase.
Ethereum price
At the time of writing this article, the price of Ethereum (ETH) is $1,868 and this price is down by 1.1% over the last 24 hours’ trade volume.
Read also: Brazil seeks to tokenize mined gold on blockchain
