Crypto.com Expresses Support for Ethereum Merge
Crypto.com has officially announced that both its app and exchange will support the Ethereum merge, which is expected to happen in September. The platform revealed its support through a statement on its website, noting that it will temporarily suspend deposits of ETH and ERC-20 tokens on the Ethereum mainnet.
This suspension applies to both the Crypto.com App and the Crypto.com exchange. The decision was made to ensure the safety of users’ funds during and after the upgrade. However, users can still trade ETH and ERC-20 tokens, which will remain unaffected. Crypto.com will monitor the situation after the merge and will lift the suspension on deposits and withdrawals once the process stabilizes.
Possibility of Forked Tokens After the Merge
The temporary suspension could lead to the creation of new forked tokens. A fork occurs when a community makes changes to the blockchain’s protocol or introduces new rules, resulting in a divergence that creates a new project. A well-known example is the Ethereum Classic (ETC) fork that originated from ETH.
If any new forked tokens arise due to this temporary suspension, Crypto.com will evaluate each one and assess its potential for support, distribution, and withdrawal.
Crypto.com’s Advisory to Users Ahead of the Merge
Crypto.com has also issued a message to its users regarding the Ethereum merge. The platform assured its users that no action is required on their part to secure their funds or wallets before the merge. Users will still have access to their funds, and their accounts will remain unaffected. Additionally, the Ethereum history will remain intact, and the transition to PoS will not alter any past transactions.
Crypto.com has warned users to remain vigilant for potential scams during this transition period, as fraudsters may attempt to exploit the situation. The platform emphasized that there will be no need for users to acquire “ETH2” tokens for a smooth transition. Crypto.com reassured users that their funds are safe, and no further actions are required to ensure their security.
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Other Exchanges Supporting the Ethereum Merge
One major cryptocurrency exchange has also announced its full support for the Ethereum merge, with plans to back Ethereum’s shift to Proof of Stake while considering Proof of Work forks on a case-by-case basis. Binance will review each newly forked token before deciding whether to list it on their platform.
Prominent stablecoins such as USDC and USDT have also voiced their support for Ethereum’s transition to Proof of Stake. Several key players in the crypto industry, including ChainLink, Aave, and Ethereum co-founder Vitalik Buterin, have strongly opposed Proof of Work, reinforcing the momentum towards PoS.
Other exchanges are taking a different approach by allowing users to trade both ETH Proof of Stake tokens and Proof of Work tokens. Poloniex has already enabled this feature, with MEXC and Huobi considering similar support.
Ethereum Merge Expands Use Cases
Crypto.com’s backing of the Ethereum merge is based on the expected improvements in scalability and efficiency, making Ethereum more attractive for future investments. The Ethereum merge is tentatively set for September 15th this year.
