Major exchanges back ethereum hard fork

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Both Coinbase and Kraken have given Ethereum’s forthcoming Constantinople hard fork support, according to the Twitter feeds of both these major crypto exchanges.

They join Binance, Huobi and OKEx in monitoring the event, which will happen when the ethereum block height reaches 7,080,000, and that event is expected to happen this week.

Coinabase’s tweet said: “Coinbase intends to fully support the Constantinople Ethereum (ETH) upgrade.” The exchange also added: “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.”

Similarly, Kraken confirmed its support for Constantinople, writing: “we expect this will be a non-contentious fork.” This means that they do not expect competing chains of ETH, which is what happened with the bitcoin cash (BCH) hard fork in November 2018. It added, “No new coins will be credited to ETH holders as we expect the old chain will quickly become obsolete.”

The ETH/USD pairing is seeing support in the run up to the hard fork and has the largest gains of the Top 20 cryptos in the last 24 hours at 8.7%.

The Constantinople hard fork represents a milestone for the ethereum network, because its developers plan to migrate it from a proof-of-work (PoW) to a proof-of-stake (PoS) algorithm. The hard fork is one step on the way to the network’s full transformation and provides a variety of technical improvements.

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