BTC Markets update on ETH Merge
BTC Markets has been supporting the Ethereum chain and its updates since Ethereum commenced in 2015. If you are holding ETH, your assets will remain safe before, during and after the Merge.
What are BTC Markets doing to support the ETH Merge?
As the date of the ETH Merge is not fixed, BTC Markets are carefully tracking updates within the crypto community and have the team on standby to support necessary activities at the time of the Merge.
To manage any instability in the network, BTC Markets will suspend deposits and withdrawals of ETH and ERC-20 tokens for a short time before and after the Merge, which is forecast to occur on the 15th of September 2022.
It is possible that the ETH Merge will result in a hard fork, leading to the existence of two chains. A snapshot of ETH balances will be taken at the time of the Merge, so that if there is a split, we can effectively distribute the new token to our clients. Further updates will be provided should two viable chains emerge.
Clients of BTC Markets will still be able to trade ETH and ERC-20 tokens during this period.
We will keep you up to date via announcements on our social media pages and direct emails.
What is a hard fork and what does it mean for me?
There are two possible outcomes should a fork occur following the Merge:
- One chain remains: If the PoS chain is supported by most of the community, and there is little support for a PoW forked chain, only one chain will remain.
- Two chains emerge: If the Merge is contentious, and there is continued support for the current proof of work consensus mechanism, it is possible that two viable ETH chains will emerge, and a new token will be created. For this reason, BTC Markets will take a snapshot of all ETH holdings at the time of the Merge. We will then credit clients for the new chain, based on the snapshot of ETH at the time of the fork expected to occur on the 15th of September 2022.
What are my options?
- Sit tight: Your ETH private keys will remain secure on BTC Markets during this time.
- Continue to trade ETH: Clients can trade ETH and ERC 20 tokens on the exchange during this period. However, if the chain forks, we cannot guarantee what fork of ETH your trades will ultimately relate to. Please remember, ETH and ERC-20 deposits and withdrawals will be disabled ahead of and during the Merge.
- Transfer your ETH to a different wallet. If you want to continue to deposit and withdraw your ETH, you may send your tokens to a platform maintaining these services. Please be advised that this action may expose you to a higher level of risk.