Coinbase to Temporarily Suspend Ethereum Deposits and Withdrawals Ahead of Pectra Upgrade

Major cryptocurrency exchange Coinbase has announced the temporary suspension of Ethereum deposits and withdrawals. The move comes ahead of a planned network upgrade on Wednesday.

What Happened: Cryptocurrency exchange Coinbase will be suspending Ethereum deposits and withdrawals, and it might also delay new staking requests. The exchange is making these adjustments in anticipation of the Pectra upgrade to the ETH network, which is set for Wednesday, May 7, at 3:05 a.m. PT.

"To ensure the safety of user funds, Coinbase will be pausing Ethereum deposits and withdrawals from 2:50 a.m. to 3:45 a.m. (ETW) on Wednesday, May 7. During this time, the initiation of new staking requests might be delayed until after 3:45 a.m. (ETW). However, existing staked positions will not be affected in any way," Coinbase said in a post on X, formerly Twitter.

Coinbase is also adding PAX Gold (PAXG) on the Ethereum network to its roadmap, it added.

Pectra, a highly anticipated Ethereum network upgrade, follows a series of earlier improvements, known as "surprises," in accordance with Ethereum’s roadmap.

The aim of the Pectra upgrade is to optimize validator performance and streamline user experiences across the ecosystem. It is poised to introduce several noteworthy changes to the network.

Among the new EIPs in Pectra is a crucial step toward widespread account abstraction with EIP-7702, which will enable users to integrate smart contract functionality into their Externally Owned Accounts (EOAs).