In an announcement on blog, Coinbase’s Senior Product Manager, Armin Rezaiean-Asel explained that the firm will temporarily halt Ethereum (ETH) and ERC-20 token deposits and withdrawals to proceed the transition to Proof-of-Stake (PoS) on their system. The official announcement about deposits and withdrawals will be made on Coinbase’s Status page.
The Merge doesn’t impact any other networks, but malicious actors will want to make the most of this opportunity, such as scammers promising to upgrade ETH to ETH2. As such, Coinbase reminded users that there is nothing to be done on the user’s part to switch to the new ETH tokens.
Coinbase Customers During The Merge
The main Coinbase customer segments affected by Merge are Cloud customers, Coinbase Prime customers, and Coinbase commerce customers. Prime customers are warned not to make any withdrawals before or during the merge process.
“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 that depend on Coinbase Cloud services will have to go through a routine 10-minute upgrade downtime before the merge.
“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.”
As for Coinbase commerce users, new and on-going payments will be paused until the merge is complete.
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