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Sunday, December 4, 2022

Coinbase Will Evaluate Any Potential Forks Following Their New Merger

If an ETH PoW fork occurs after The Merge, this asset will be examined with the same scrutiny as every other asset listed on our exchange, according to Coinbase.

The Ethereum transition to proof-of-stake has been updated by cryptocurrency exchange Coinbase to incorporate potential forks.

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Coinbase said it would assess any potential forks in the Ethereum blockchain on a “case by case basis” in an update to a blog post from August 16 published Thursday. The cryptocurrency exchange announced its intention to “briefly stop” deposits and withdrawals of ERC-20 tokens and Ether (ETH) during the Merge, which is anticipated to take place between September 10 and 20.

Coinbase said that they should an ETH PoW Fork arise after the Merge. Therefore, the assets will be properly reviewed with the rigor of any other asset listed on the exchange. Coinbase will control the matter with firm hands.

Exchanges and cryptocurrency companies that deal in ETH have released statements notifying customers of any necessary preparations before the Merge, from proof-of-work (PoW) to proof-of-stake (PoS). Many anticipate that the blockchain will use significantly less energy, scale more easily, and be less susceptible to threats.

Coinbase Will Evaluate Potential Forks Following New Merger: 

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As Ethereum transitions, it’s uncertain how crypto customers will react to a forked PoW coin published on Coinbase or any other cryptocurrency market. On Wednesday, the platform introduced cbETH, an ERC-20 token that enables users to spend staked ETH while collecting rewards.

Additionally, on Thursday, Binance stated that while it might provide support for new coins produced by a future hard fork, it could “not guarantee any listings” without a review procedure. On August 8, BitMEX announced a similar development, stating that the sale was “extremely speculative” and “may never exist.”

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