Crypto Exchange is slightly changing its tune on its planned response to Ethereum’s largest technical upgrade.
Coinbase on Thursday pledged to “evaluate” Ethereum forks that may arise after Merge, and reopen the door to insert competing tokens that could arise after the impending technical upgrade of the famous blockchain.
Coinbase said in an amendment on August 25: “If the ETH [proof of work] fork appears after merger, this asset will be reviewed as strictly as any other asset listed on our stock exchange.” Blog post 16 August discusses what customers need to know about the technical upgrade.
The policy shift shows how exchanges in Ethereum’s long-awaited transition to a quota consensus mechanism (PoS), which will reshape how the decentralized finance center operates.
Although Coinbase and other crypto exchanges broadly support the energy saving move, other stakeholders (especially some of Ethereum’s miners) do not. If Coinbase continues to process transactions for the PoW version of the network after integration, it will result in a fork with its alt-ether code.
Coinbase previously pledged to support the PoS currency but did not address the possibility of forks. Meanwhile, the Ethereum community has largely rejected plans by some external players to launch a PoW fork.
Coinbase said its update reflected the company’s “decision to assess any potential thorn on a case-by-case basis.” In other words, if Ethereum’s alternative fork passes the Coinbase menu scent test, it can list its distinctive code and trade alongside the main series of PoS.
The decision came after Binance, the world’s largest cryptocurrency exchange, gave way to synthesized symbols with plans to credit user accounts with alternatives from the “minority chain.” It also plans to review those codes against its listing policy before making them available for trade.