While the countdown for the Ethereum Merge begins, one of the largest crypto exchanges, Coinbase revealed that it will temporarily suspend ETH and ERC-20 withdrawals and deposits during Ethereum’s transition from PoW into PoS.
In a blog post, Coinbase called it “a precautionary measure” to ensure safe reflection of transition on its platform during this downtime.
Coinbase alerts its users to be cautious of scams saying, “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 blog stated.
Apart from this, Coinbase will also lock staked ETH balances at the time of the merge. It will also not be available to trade or transfer till the completion of the Ethereum upgrade.
The third and last testnet upgrade, the Goeril testnet merge, was successfully completed on August 11. After its completion, the tentative date of Ethereum Merge was updated to be September 15.
Coinbase Prime could face inconvenience during temporary delays in custody withdrawal availability. Owing to this, Coinbase asked users to withdraw or deposit ETH from custody before the merge or after the Merge.
Coinbase Cloud’s customers will also experience a routine upgrade with approximately 10 minutes of downtime in advance of the Merge. Furthermore, Coinbase Commerce will temporarily pause new transactions during the transition. At the same time, payments that are in process will also face delays.