Coinbase Will Freeze ETH Withdrawals and Deposits During the Mainnet Merge

Coinbase Will Freeze ETH Withdrawals and Deposits During the Mainnet Merge

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Brian Armstrong’s Coinbase has announced last week that it will pause the withdrawals, and deposits of Ethereum and ERC-20 tokens during the Ethereum merge as a precautionary measure.

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Coinbase to Pause ERC-20 Tokens, ETH Deposits, Withdrawals During the Merge

The mainnet merge is scheduled to happen by September 15 according to developers, Coinbase in response to the event has notified users that when the merge commences, users will be able to use the exchanges’ trading services but will not be able to deposit and withdraw ERC-20 tokens and ETH.

In preparation for the merge, Coinbase has warned users about scammers who might claim to be offering ETH 2.0, according to Coinbase, investors and traders are not required to take additional actions to receive the staked ETH before the merge will happen.

In a statement from the Rezaiean-Asel, Coinbase products manager, he said;

“Although the Merge is expected to be seamless from a user perspective, this downtime allows us to ensure that the transition has been successfully reflected by our systems,” said Rezaiean-Asel.

“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.” he added.

According to Coinbase, users will be notified immediately the ETH and ERC-20 tokens deposits and withdrawals resume on the exchange, also, after the merge, customers will find their staked ETH balance listed in their ETH wallet instead of under the ETH2 ticker. 

Staked ETH and unstaked ETH balances will still be segregated; the exchange stated that staked ETH will not be available for unstaking until early next year.

After the mainnet merge, the crypto community expects that the network will be less vulnerable to attack, improvement in scalability, and a drop in energy consumption.

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