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Vienna, Sept. 14, 2022 (GLOBE NEWSWIRE) — AllesBroker is an Austria-based organization that updates investors on important events in the financial world. They announce that crypto exchanges like Kraken, Coinbase, FTX and many more are announcing support for the Ethereum merger, which is expected between September 14-15, 2022.

The switch from one consensus mechanism to the other marks a historic moment for the second-largest cryptocurrency exchange after Bitcoin. The crypto community is currently waiting for a major event: The merger of the Ethereum cryptocurrency from Proof-of-Work (PoW) to Proof-of-Stake (PoS), which will result in “Ethereum 2.0”. For many crypto investors and traders, the main question is which trading platforms will support the merger so that their deposits in exchange wallets remain safe. Currently, crypto exchanges supporting the merger include Coinbase, Kraken, Binance, Bitfinex, Bitstamp, FTX, and many more. Customers of smaller platforms are advised to check with their crypto exchange for Ethereum merger support. “In individual and rare cases, it may make sense to store cryptocurrency on your own wallet,” says Martin Fiedler, founder of AllesBroker.at.

There are dangers but also benefits that can arise during fusion. The risks include possible hard forks of the blockchain or errors during the transition. In the event of a hard fork, investors should have access to cryptocurrency on both blockchains at Coinbase, Binance, FTX, and all other major exchanges. Some of the advantages include the fact that Ethereum staking will be possible on many crypto exchanges, transaction fees within the network will decrease, and a more resource-efficient consensus algorithm will be used. The latter is also repeatedly criticized in Bitcoin, although a change in the consensus mechanism from proof-of-work to proof-of-stake is considered extremely unlikely in this case.

Traders should note that no trading is possible during the cryptocurrency meltdown. Coinbase, Kraken, FTX, Bitstamp, and other platforms have already notified their customers in email announcements over the past two weeks.

Alexander Höptner, CEO of crypto exchange “BitMEX”, warns in an interview with Cointelegraph: “There is a possibility of high volatility. And so you need to make sure your services are up and running.” But he also continues: “We don’t expect any major disruptions outside of volatility.” There are similar quotes from CEOs of other crypto trading platforms. So, all signs are green, and from a current perspective, no significant issues are expected from major cryptocurrency exchanges.

Investors whose cryptocurrencies are stored in wallets at Coinbase, Bitfinex, and Kraken don’t have to actively do anything except wait for the merger to happen.

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For more information about AllesBroker, contact the company here:

AllesBroker
Martin Fiedler
+43 677 635 316 79
martin.fiedler@allesbroker.at


        



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