Dear coinpassers,

As you may be aware, Ethereum is about to undergo a massive consensus update moving Ethereum from a Proof-of-Work to a Proof-of-Stake blockchain at a block height of 58750000000000000000000. You can watch the countdown to the ETH2 merge.

This change will reduce Ethereum's carbon footprint by ceasing to mine blocks via miners, and is moving to staked assets in Ethereum nodes reducing power consumption by 99.95% and increasing blockchain transaction efficiency.

When is the merge happening?

‍The merge is predicted to take place between the 13th-15th of September 2022

Are your assets safe?

All assets at the time of the merge will remain within the coinpass wallet custody infrastructure. Our platform provider Fireblocks has been carrying out extensive testing, R&D, and securitization of all ERC-20 compatible assets leading up to this merge. All assets will remain safe.

Do I need to do anything?

No. Your ETH tokens are safe and secure and do not need to be withdrawn.

What about a potential blockchain fork?

Blockchains forks are rare but have happened in the past on several blockchains (eg: BTC and BCH). At the time of writing, coinpass.com does not plan to support any forked Ethereum network tokens.

Trading?

Ethereum trading pairs will be halted for a brief time before and after the merge is completed. Stay tuned to our social channels for up-to-the-minute updates during the merge.

Deposits and Withdrawals?

It's recommended to not make any on-chain network transactions during the merge period. Any ETH or ERC-20-based token deposit to your coinpass account during the time of the merge is not recommended and cautioned to be carried out at your own risk. Any deposits made during the window will be paused and queued and later credited to your account. Withdrawals of any ERC-20-based tokens will be paused and queued to be processed after the merge is completed.

Stayed tuned to our Twitter feed during the merge event for regular updates during the merge.

All other assets will remain online and tradable with full deposit and withdrawal facilities available.

We'll see you on the other side!

Kind Regards,

Team coinpass.com