Alert for BitIRA customers
The countdown for the Ethereum Merge (scheduled for September 14/15) is almost up…
Ethereum is undergoing a fundamental upgrade from a Proof-of-Work to a Proof-of-Stake system. We’ve been keeping an eye on the situation and wanted to share some details with you.
First off, there’s no action required on your part! Unless you’re planning to trade any of the affected cryptocurrencies, it’s safe to ignore this development.
However, if you are planning trades, read on…
Here’s what to expect when the merge goes live, whether it occurs as scheduled or is once again delayed.
Because Ethereum serves as the backbone of much of the cryptocurrency economy, once the merge goes live, we expect to see two major effects:
- There may be delays if you attempt to transact ether/ETH or any ERC-20 cryptocurrencies. If you want to transact any of these coins, please do so immediately. (See below for a full list of BitIRA-supported cryptocurrencies that may be affected.)
- Trading may be temporarily suspended if we see periods of instability – if this happens, we’ll communicate this decision to you and keep you posted.
- You may experience delayed settlement times around the Merge for ETH and ERC-20 coinsEthereum-based technical standard for creating digital assets. Smart contracts can then be used to issue ERC-20 tokens and complete transactions. Like all standards, ERC-20 allows for compatibility and interoperability between a wide variety of blockchain-based services.. Executed transactions will be settled as soon as possible, but this may take longer than usual.
If you’d like to learn more, here’s the official description of the upcoming merge from the Ethereum Foundation. If you have any direct questions, please reach out to our depository partner Equity Trust here or at (855) 233-4382.
Which cryptocurrencies may be affected?
The BitIRA-supported cryptocurrencies that are affected by the upcoming merge include:
- ETH – Ethereum
- AAVE – Aave
- BAT – Basic Attention Token
- COMP – Compound
- The DAI stablecoin
- GRT – The Graph
- LINK – Chainlink
- LPT – Livepeer
- MANA – Decentraland
- MKR – Maker
- UNI – Uniswap
- YFI – yearn.finance
I have a question…
Please reach out to our depository partner Equity Trust here or at (855) 233-4382.