Coinbase Offers Support For Ethereum Hard Fork

Coinbase is one of the biggest exchanges in the United States and it has recently confirmed its support for Ethereum’s Constantinople hard fork. Coinbase isn’t the only one who has confirmed their support as the US-based cryptocurrency exchange Kraken has also said that they will be supporting the hard fork too.

The two exchange giants join Binance, OKEx and Huboi in pledging to overlook the event, which will prompt an Ethereum block height of 7,080,000 expected this week.

In the post, staff wrote that cryptocurrency exchange “intends to fully support the Constantinople Ethereum (ETH) upgrade. 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 security of the network.”

In a separate tweet, the Kraken crypto exchange also said that they would be supporting Constantinople with officials adding that they are expecting “this will be a non-contentious fork” and will not trigger competing Ethereum chains which is what happened with the infamous Bitcoin Cash hard fork back in November 2018 which potentially could have plummeted in price for the leading cryptocurrency.

The exchange took to Twitter to reveal the news saying, “Kraken will be supporting this. No new coins will be credited to ETH holders as we expect the old chain will quickly become obsolete.”

ETH/USD has seen some short-term support in the run up to the Constantinople hard fork with the pair seeing some of the biggest gains in the top twenty digital currencies in the space by market cap over the past day, up by just under nine percent.

As reported by CoinTelegraph, the Constantinople hard fork marks a milestone for the Ethereum network, developers of which plan to migrate it from a proof-of-work to a proof-of-stake algorithm. The Ethereum hard fork is just one step more towards the transformation of the whole network and encompasses several different technical improvements.

At the current time of writing, Ethereum is seeing green with a 7.79 percent over the past 24 hours which has given it a price of $127. The third largest cryptocurrency by market cap has an overall value of $13,323,425,595.