Coinbase shares fell as much as 7% upon announcing in a blog post that it will temporarily pause new Ethereum and ERC-20 token deposits during the Merge.
- Deposit and withdrawl pause is a temporary precautionary measure
- The Merge is the migration from Proof-of-Work to Proof-of-Stake on mainnet
- Ethereum anticipated to complete the Merge on or around September 15
- “We do not expect any other networks or currencies to be impacted and expect no impact to trading for ETH and ERC-20 tokens across our centralized trading products,” blog post says
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