Coinbase gears up for Ethereum 2.0 launch.

The largest US cryptocurrency exchange, Coinbase, has outlined preparations for Ethereum 2.0, with the zero phase due to take place today, December 1.

On December 1, the Ethereum Beacon Chain will launch, beginning a multi-year upgrade to Ethereum 2.0 (ETH2). Coinbase intends to fully support ETH2 through staking and trading.

Read more here: https://t.co/e1fsAohT4j

— Coinbase (@coinbase) November 30, 2020

The largest US cryptocurrency exchange will offer clients a service to convert ETH1 into ETH2, as well as the ability to stake new coins.

“Coinbase intends to support ETH2 through staking and trading. Users on the platform will be able to convert ETH in their Coinbase accounts and earn staking rewards,” the company blog says.

Launch of the Ethereum 2.0 zero phase: what will happen and what to expect for users

The ability to swap tokens between the old and new versions will appear in early 2021, even though ETH2 coins will be locked in the system until Phase 1.5. The launch of the latter is not expected before 2022.

“And while Ethereum 2.0 tokens remain locked in the Beacon Chain, Coinbase will make trading between ETH2, ETH and all other supported cryptocurrencies available, providing liquidity for our clients,” the company representatives explained.

The issued asset will be a derivative backed by coins held by Coinbase.

Earlier, the balance of the Ethereum 2.0 deposit contract exceeded the threshold required to launch the zero phase a week ago exceeded. At the time of writing, 27,273 validators deposited 872 992 ETH, which is 66.5% above the target.

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