The publicly listed firm Coinbase Global has revealed the company plans to evaluate any potential forks that arise from the upcoming Ethereum upgrade known as The Merge. 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 Updates Public About Merger Possibility After Ethereum Fork
The merge is coming soon and data shows it is about 16 days away from now. 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 is talk of creating a new PoW fork when the merge is implemented.
The proposed ETH PoW fork has gained market traction as a number of crypto exchanges have created IOU token versions called 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. This past week on August 25, Coinbase Global (Nasdaq: COIN) updated a blog post that was originally published on August 16. The latest update concerns the possibility of an ETH PoW fork arising from The Merge.
The intent of the blog post explained how Coinbase plans to prevent any Ethereum or ERC20-based transactions between merges. The recent update stated: “Should an ETH PoW fork occur following a merge, this asset will be reviewed with the same rigor as any other asset listed on our exchange.” coinbase too tweeted About the update on Twitter on 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.
It is well known that exchanges can take as long as they want to spread the assets of the fork and some trading platforms have never offered support for specific crypto forks. Coinbase made similar decisions during the Ethereum Classic and Bitcoin Cash forks. It is well known even by experienced crypto participants that holding an asset that has experienced a fork in a non-custodial fashion is the best way to ensure that if a blockchain split does occur, you will get a fork. You will get crypto assets.
