Cryptocurrency exchange Coinbase has updated its information on Ethereum’s transition to proof-of-stake to include any forks that may arise.
In a Thursday update to an August 16 blog post, Coinbase said it will evaluate possible forks on the Ethereum blockchain “on a case-by-case basis.” The crypto exchange previously said that it plans to “shortly pause” deposits and withdrawals of Ether (ETH) and ERC-20 tokens during the Consolidation, which is expected to take place between September 10 and 20.
“If an ETH PoW fork occurs following the merger, this asset will be scrutinized with the same rigor as other assets listed on our exchange,” Coinbase said.
At Coinbase, our goal is to list every asset that is legal and safe to list. We will evaluate any ETH fork tokens following The Merge on a case by case basis in alignment with our standard asset listing policy.
— Coinbase Assets (@CoinbaseAssets) August 25, 2022
Exchanges and crypto firms dealing with ETH have made announcements informing customers about the preparation needed prior to Consolidation, from proof-of-work or PoW to proof-of-stake or PoS. Many expect the energy consumption of the blockchain to drop rapidly, scalability to improve, and the network to be less vulnerable to attacks.
It is not clear how crypto users can respond to a forked PoW token listed on Coinbase or any crypto exchange as Ethereum tokens. On Wednesday, the platform launched an ERC-20 token (cbETH) that allows customers to redeem staked ETH while earning rewards.
Binance also said on Thursday that it might offer support for new tokens created by a potential hard fork, but it “would not guarantee any listings” without a review process. BitMEX made a similar announcement on August 8, adding that the offer is “highly speculative” and “may never exist.”
