The cryptocurrency exchange also cautioned users from falling for scams selling ETH2 tokens, claiming that they did not need to do anything extra to get staked ETH before the Merge.
Coinbase, a U.S.-based cryptocurrency exchange, has declared that when Ethereum’s core developers switch the blockchain to proof-of-stake or PoS, they will temporarily stop certain token deposits and withdrawals.
According to a blog post published on Tuesday by Coinbase product manager Armin Rezaiean-Asel, during the Merge event, the cryptocurrency exchange will temporarily stop deposits and withdrawals of Ether and ERC-20 tokens to manage the transfer. The exchange also cautioned users from falling for con artists that offered ETH2 tokens, claiming that cryptocurrency users did not need to take any additional steps to acquire staked ETH before the Merge.
As the date for the Ethereum Merge draws closer, other crypto exchanges will probably also announce safety measures or modifications to trading behavior. Despite the possibility of unexpected events, core developers anticipated a potential Merge date of September 15, according to a report from Cointelegraph on Friday.
Many anticipate that the Ethereum network’s energy consumption, scalability, and attack susceptibility will all improve once it switches from proof-of-work to proof-of-stake (PoS). However, Cointelegraph claimed on Saturday that ETH gas fees might not always decrease and that network transactions might not speed up significantly.