With the Ethereum mainnet merge expected to occur in mid-September, Coinbase explained some measures it will take to ensure user safety.
In an announcement made on its blog, Coinbase explained it will temporarily halt new Ethereum (ETH) and ERC-20 token deposits and withdrawals to allow the merge transition reflect on their systems. An official announcement concerning the resumption of deposits and withdrawals will be made on their Status page.
“We aim to support the Merge with the least amount of friction possible for our users — without compromising on security. We’ll continue to provide updates on our Twitter and Status page as more information becomes available.”
The merge is set to affect the crypto economy in every way, and although, no network is expected to be affected by the merge, malicious actors will want to make the most of the opportunity. For example, Coinbase warned its users against scammers promising to upgrade ETH to ETH2. Citing the Ethereum Foundation’s response to the scam alert, Coinbase reminded users that there is nothing to be done on the user’s part to switch to the new ETH tokens.
What the merge means for different Coinbase Customers
According to the Coinbase blog, the major Coinbase customers to be affected by the merge are the Cloud Customers, Coinbase Prime customers, and Coinbase commerce customers.
The exchange recommended that its Prime customers desist from initiating any withdrawal before or during the merge.
“We recommend initiating any withdrawals or deposits prior to this date or after the Merge completes. We’ll send specific institutional customer communications before the transition to give our customers specific guidance on timing and SLAs during this time.”
Blockchain developers depending on Coinbase Cloud services will experience a routine 10 minutes upgrade downtime before the merge. Any other information needed will be passed across to the developers in due course.
“Customer infrastructure should experience little to no downtime when the Merge block is passed, and changes will be backwards compatible. Our Customer Success team will reach out to inform you of upgrade timelines and if any other actions are required to prepare you for the Merge.”
For Coinbase commerce users, new payments will be put on hold until after the merge is completed, and In-process payments will also be paused until after the merge.
Coinbase has previously said that it believes in the credible neutrality of Ethereum.
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