Cryptocurrency exchange Coinbase has released guidance in preparation for Ethereum’s long-awaited “Merge” update, also called The Merge, which will migrate the network to the Proof-of-Stake (PoS) protocol.
Because of this, withdrawals and deposits using Ethereum will be suspended for the time being until the Merge migration, scheduled for around September 15, is completed, Coinbase wrote on its blog.
The blocking of transactions is necessary as a precautionary measure to ensure uninterrupted trading of the asset and other ERC-20 tokens. It is also stated that the likelihood of fraudsters taking advantage of a number of opportunities before the Merger is high.
The cryptocurrency community expects Ethereum to make a full transition after the Goerli test network completes Aug. 10. The update will be the last test of the blockchain before the transition from Proof-of-Work (PoW).
“The merger is seen as a catalyst for Ethereum’s price rise, as the asset is generating increased interest from investors. The CEO of cryptocurrency investment firm Galaxy Digital, Mike Novogratz, sees the Ethereum update as a point to raise capital in the asset.