Cryptocurrency exchange Coinbase has updated its information related to Ethereum transitioning to proof-of-stake to include possible forks.
In an updated Thursday 16 blog, Coinbase said it would evaluate any potential forks of the Ethereum blockchain “case by case basis.” The cryptocurrency exchange previously said it plans to ‘briefly pause’ Ether (ETH) and ERC-20 token deposits and withdrawals during the Merge, expected to occur between Sept. 10 and 20.
“Should an ETH PoW fork arise following The Merge, this asset will be reviewed with the same rigor as any other asset that is listed on our exchange,” said Coinbase.
Crypto exchanges and companies that deal in ETH have published notices informing customers of any preparations needed ahead of the Merge from proof-of-work, or PoW, to proof-of-stake, or PoS. Many expect blockchain’s energy consumption to rapidly decrease, scalability to improve, and the network to become less vulnerable to attack.
It is unclear how cryptocurrency users will react to a forked PoW token listed on Coinbase or any crypto exchange as Ethereum transitions. On Wednesday, the platform launched an ERC-20 token that allows customers to use staked ETH while earning rewards, cbETH.
Binance also stated on Thursday it could offer support for new tokens created by a potential hard fork but would “not guarantee any listings” without a review process. BitMEX made a similar announcement on Aug. 8, adding the offering was “highly speculative” and “might never exist.”
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