Robinhood announces plans during ‘The Merge’! Here are the details! On August 29th, Robinhood took to Twitter to inform the community what they will do during the upcoming event, ‘The Merge’.
On August 29th, Robinhood announced on Twitter the plans during ‘The Merge’. To add the information, ‘The Merge’ is an Ethereum upgrade from Proof-of-Work (PoW) to Proof-of-Stake (PoS). People may already be familiar with the concept of Ethereum 2.0, the new version of Ethereum that uses PoS. Robinhood mentioned ‘The Merge’ is likely to happen on September 15th.
#ETH is expected to go through a merge on September 15th, 2022. #TheMerge will change #Ethereum’s current consensus mechanism from “proof of work” to “proof of stake.” Here are some things you should know:
— Robinhood Help (@AskRobinhood) August 29, 2022
During ‘The Merge’, Robinhood will pause withdrawals for ETH, AVAX, COMP, LINK, MATIC, SHIB, and UNI. According to Robinhood, the pause is a safety precaution to ensure the systems and the blockchain are secure before continuing withdrawals on the platform.
Robinhood added, “Additionally, we recommend not making any deposits of the above-noted crypto assets during the Merge because they may take longer to complete.”
In addition, users do not have to do anything during the event in September, and they can continue deposits and withdrawals of other crypto assets.
Robinhood closed the announcement on Twitter by warning everyone to be cautious of scams during the event. Robinhood will continue to monitor the situation and give updates to users.
Robinhood on A New Crypto Asset
Another thing that firms often mention when it comes to ‘The Merge’ is ETHPoW. Robinhood also addressed a scenario where there is a new crypto asset.
Robinhood stated, “If an ETH proof-of-work (ETHPoW) fork occurs after the Merge, we will review it with the same rigorous evaluation process that we use for any crypto asset listed on Robinhood Crypto.”
Since ‘The Merge’ will happen in September, many crypto firms have announced their plans during and after ‘The Merge’. The announcement can help users to prepare for the upcoming event.