Coinbase Plans to Suspend ERC-20 Token Transactions During Merge Update

by in Cryptocurrency News


The largest American cryptocurrency exchange Coinbase announced the suspension of transactions with ERC-20 standard tokens during the September Merge update.

Last Tuesday, the company's press service announced support for the long-awaited fork, designed to complete the transition of Ethereum to the PoS consensus.

Coinbase will not process Ether and ERC-20 token transactions during the network upgrade.

However, the suspension will be smooth so that traders can prepare for the fork. The exchange emphasized that Merge will contribute to the formation of a qualitatively new ecosystem that adheres to the principles of decentralization and maximum freedom in the world.

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Ten minutes before the start of the update, the exchange plans to suspend the operation of the Coinbase Cloud infrastructure.

Coinbase is one of the channels through which investors withdraw ETH to the ETH 2.0 deposit contract.

According to Glassnode, more than 13 million Ether has already been accumulated in this deposit contract.