Ethereum Constantinople Fork Gets Support From Coinbase And Kraken Exchanges
Coinbase And Kraken Join Many Other Major Exchanges To Support The Ethereum Constantinople Hard Fork
2019 is set to be a great year for Ethereum, especially now that 2018 is over and most people hope that the end of the bear market that ate away most of Ethereum’s price is not too far from ending. However, a major development that will happen for Ethereum this year is the Constantinople hard fork, an Ethereum upgrade, is set to happen.
Now, two major exchanges of the United States, Coinbase and Kraken, have officially stated they will support Constantinople. The announcement was made yesterday, January 14. Other major exchanges like Binance, OKEx and Huobi are also expected to support the event.
The Constantinople hard fork is set to happen at block height 7,080,000, which will probably happen this week. According to the staff of Coinbase, the company intends to fully support the upgrade, so the customers should not be worried about anything related to the upgrade.
It was also announced that, due to the upgrade, the company would pause all ETH transactions until the upgraded is completed. This decision was mostly made due to technical purposes and also for security, as the network may face some kind of instability during this time.
Kraken is also all set to support Constatinople. The company’s staff believes that the fork will be “non-contentious” and that no new competing ETH chains will happen, an issue that occurred when Bitcoin Cash had its fork last year.
In fact, no new coins will be credited to any of the customers in both exchanges. The companies do not see the upgrade as being controversial and they believe that the old ETH tokens will simply be forgotten and the chain will become obsolete.
ETH’s Price Is Going Up
In fact, the update is making the price of ETH go upward. ETH/USD has seen a spike in price and ETH has the largest gains among top 20 cryptos in the last 24 hours. This is happening mostly because there is some hype associated with the change and most investors are confident in the future of the network.
Constantinople will be quite a milestone for the network and it is considered to be an important step for people who plan to finally make the migration from the proof of work to the proof of stake protocol, a long-time promise to the ETH community. The upgrade will also bring in many technical improvements.