We are pleased to announce that the Crypto.com App and Exchange will be supporting The Merge, one of the most significant and anticipated upgrades in the history of Ethereum. It represents the joining of the existing execution layer of Ethereum with its new proof-of-stake consensus layer, the Beacon Chain.
This will eliminate the energy-intensive mining that Ethereum’s current consensus mechanism requires and result in more scalability, security, and sustainability.
To ensure the safety of users’ funds during and after the upgrade, we will temporarily suspend deposits and withdrawals of ETH and all ERC20 tokens on the Ethereum Mainnet in both the Crypto.com App and Exchange during The Merge. The trading of ETH and all ERC20 tokens will not be affected. We will closely monitor the situation and resume deposits and withdrawals once The Merge proves to be stable.
As this could potentially result in new forked tokens, Crypto.com will evaluate the support for distribution and withdrawal of the forked tokens. All forked tokens will go through the same strict listing review process that Crypto.com does for any other token.
Things to note:
- You will not need to do anything to protect your funds or wallet before The Merge. Any funds held in your wallet will still be accessible. No action is required on your part.
- The entire history of Ethereum since genesis will remain intact and unaltered after the transition to proof-of-stake.
- Be on high alert for scams trying to take advantage of users during this transition. There is no “ETH2” token and nothing more that you need to do for your funds to remain safe.
Kindly refer to status.crypto.com for all the latest updates.
We thank our users for their support and understanding.