Coinbase Global, a publicly traded company has announced that it will evaluate potential forks arising from The Merge’s upcoming Ethereum upgrade. In a recently updated blog post, Coinbase said if a new Ethereum proof-of-work (PoW) token is created it “will be reviewed with the same rigor as any other asset that is listed” on the company’s exchange.
Coinbase Informs the Public about the Possibility for an Ethereum Fork Arising Post-Mercge
Data shows that the Merge will be coming shortly and it’s only 16 days away. Essentially, The Merge is Ethereum’s plan to transition from a proof-of-work (PoW) consensus algorithm to a new proof-of-stake (PoS) consensus scheme. Now despite the fact that a PoW network similar to ETH already exists in Ethereum Classic (ETC), there’s been talk of creating a new PoW fork when The Merge is implemented.
The market has taken to the ETH PoW plan as a variety of cryptocurrency exchanges offer IOU token versions known as ETHW. At the time of writing, ETHW is changing hands for $49 per unit and its up close to 5% during the past 24 hours. Coinbase Global (Nasdaq : COIN), updated an August 16th blog post. The Merge might allow for an ETH PoW-fork. The most recent update is here.
The blog post explained that Coinbase will suspend any Ethereum- or ERC20-based transactions during The Merge. The recent update says: “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.” Coinbase also tweetedThe Twitter update was posted the same day.
“At Coinbase, our goal is to list every asset that is legal and safe to list,” the exchange tweeted. “We will evaluate any ETH fork tokens following The Merge on a case-by-case basis in alignment with our standard asset listing policy. Rest assured, all potential forked tokens of Ethereum, including PoW forks, will go through the same strict listing review process that is done for any other asset listed on our exchange,” Coinbase added.
Exchanges are known to be slow in dispersing forked assets. However, some platforms don’t offer specific support for crypto forks. Coinbase also made similar decisions in the Ethereum Classic and Bitcoin Cash Forks. Veteran crypto users know that it is best to hold assets that might experience a fork, in non-custodial manner, to ensure you get a forked asset.
What do you think about Coinbase’s decision about possibly listing the proposed PoW version of Ethereum called ETHW? Comment below and let us know how you feel about the subject.
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