Dear Metal Pay customer,
The Ethereum network is due to undergo major changes in an upcoming ‘Ethereum merge’ event. Customer safety is our number one priority, and we would like to take the time to explain to you how this will affect Metal Pay and to reassure you that it will have no impact on the security of your assets.
What is the Ethereum Merge?
The merge is an upgrade to the Ethereum Network that will allow the current consensus mechanism to move from Proof of Work (PoW) to Proof of Stake (PoS). More information about the merge can be found on the official Ethereum blog.
When will the Ethereum Merge take place?
While there is no definitive time or date, the merge is expected to occur on or around September 15, 2022.
How will the Ethereum Merge affect Metal Pay?
The most important thing to note is that your cryptocurrency on Metal Pay will remain safe and secure, and there is no action required on your part. As a precaution and to protect all Metal Pay customers we will be pausing withdrawals of ETH, BAT, ZRX, XPR, SAND, UNI, USDC, PAXG, TUSD, USDT, MTL, PAX, LINK, DAI, AAVE.
This is a safety-first approach, to ensure that all systems are working smoothly before reactivating withdrawals.
We recommend not depositing any of the assets mentioned above during the merge, as they may take longer to complete. You will be able to continue to deposit and withdraw all other Metal Pay supported non-ERC-20 tokens. We do not anticipate any impact on trading within Metal Pay, or for the merge to affect any other supported networks or cryptocurrencies not mentioned above.
Will Metal Pay support a new asset created from the merge?
If an ETH Proof-of-Work (ETHPoW) fork occurs, and the outcome of the merge creates a new digital asset, we will follow our existing and diligent review process to assess whether Metal Pay can list the asset. If you would like to participate in any forks that may occur as part of the merge, please withdraw your ETH tokens before September 14th 2022.
We are monitoring this event closely and will give updates if for any reason there is a change in the process mentioned above.
As always, we are here to help, and if you have any concerns or require support please reach out to the help@metalpay.com
