Coinbase, Other Exchanges Provide Info On Ethereum Fork

ยท in Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Coinbase, Kraken, and Huobi, among other exchanges, have provided information about the Ethereum fork (Constantinople). This network upgrade will happen at fork 7,080,000 and is scheduled for January 16. There are some things that crypto users should know about it and exchanges are making them public.

What Should Crypto Users Know About Ethereum Fork?

According to a recent blog post uploaded by Coinbase, they will be supporting the upcoming Ethereum hard fork. Coinbase informed that users will be able to continue buying, selling, trading and converting Ethereum (ETH) during this network upgrade. However, during the upgrade, the exchange is expected to suspend sending and receiving ETH.

About it, Coinbase informed:

“Upon commencement of the upgrade, for security and technical purposes, we will temporarily pause sending and receiving ETH across all of our trading platforms until the upgrade completes and we confirm the security of the network.”

Huobi explained that they will also be supporting the upcoming network split on Ethereum. Users do not have to worry about anything if they have ETH deposited on the platform. According to the official statement of the company, customers can deposit their funds on the exchange for the platform to handle all the issues for them.

Huobi is one of the largest digital currency exchanges in the space with a trading volume of $339 million in the last 24 hours. This makes of it the fifth largest exchange in the crypto world.

Kraken has also made an announcement about this hard-fork in which they explain that there will be no new coins created with this network upgrade. In other hard forks that other networks experienced, there were different groups creating their own chain. For example, a few months ago, Bitcoin SV (BSV) split from Bitcoin Cash (BCH).

Kraken informed about this hard fork:

“Kraken will be supporting this. We expect this will be a non-contentious hard fork. No new coins will be credited to ETH holders as we expect the old chain will quickly become obsolete.”

There are other exchanges that have announced that they will also support the hard fork, including Binance and OKEx. These are the two largest crypto exchanges in the space in terms of trading volume.

It is important to note that there were some scams circulating on internet. These were related to two fake coins Ethereum Nowa (ETN) and Ethereum Classic Vision (ETCV). If there is a page that asks for private keys or users to send funds to receive new coins, these are fake and fraudulent websites.

The Bear Market Report
Our Bear Market guide not only helps you survive this crypto winter, but also guides you through the foundation you'll need to thrive in the next bull run.