The Binance trading platform, amid the transition of Ethereum to the Proof-of-Stake algorithm, stated that it is ready to support both the main blockchain and its forks on Proof-of-Work.
Binance announced on its blog that it is ready to support Ethereum’s transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) scheduled for September 19th. However, the platform will also support anti-mergers who plan to continue to use PoW and fork the network.
“In the event of forks, Binance will support the distribution and withdrawal of these assets,” the post reads.
The company warned that new crypto assets must comply with the exchange’s listing policy. The exchange said in a statement that these assets will go through the same rigorous verification process that Binance requires of any other cryptocurrency or token.
Ethereum’s transition to PoS has divided the industry between those who support Vitalik Buterin’s initiative and those who advocate PoW forks. Recently, one of the major Ethereum miners abandoned the transition to PoS and announced the creation of a new minority ETHPoW network.
At the beginning of the month, the developers of the Chainlink protocol categorically refused to support Ethereum forks. Circle, the issuer of USDC’s second-largest centralized stablecoin, has announced its intention to fully support the network merger.
Source: Bits
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