ETC Group launches crypto ETP based on PoW Ethereum hard fork

ETC Group formally introduced on Wednesday the launch of a brand new Ethereum ETP in response to the upcoming Ethereum Merge. Scheduled to happen in mid-September, the Ethereum Merge is a long-awaited consensus improve that’s set to maneuver the Ethereum blockchain from mining-based PoW to mining-free proof-of-stake (PoS).

ETC Group’s new Ethereum ETP will make the most of the forked PoW Ethereum chain, representing a bunch of miners opposing Ethereum’s swap to PoS. The PoW chain can have a brand new token known as ETHW, which is able to present a foundation for ETC Group’s new physically-backed ETP known as ETC Group Bodily EthereumPoW, or ETHWetc.

The corporate burdened that the brand new ZETW is not going to substitute the unique ETC Group Bodily Ethereum (ZETH). Present ZETH holders will get the brand new token (ZETW) robotically as an addition on a 1:1 unit foundation on brokerage accounts. ETC Group’s representatives reached out to Cointelegraph to make clear that “ZETH will proceed simply as earlier than and robotically swap to ETH PoS in keeping with The Merge.”

In response to the announcement, ETHWetc is predicted to checklist on Deutsche Boerse’s digital buying and selling platform, Xetra, beneath the ticker image ZETW. ETC Group famous that the agency anticipates the itemizing to happen shortly following the fork occasion on Sept. 16.

Bradley Duke, founder and co-CEO of ETC Group, identified that benefitting from laborious forks to the underlying cryptocurrencies is the unique imaginative and prescient and dedication of the agency. “Consistent with this […] any holders of our Ethereum-based ETP will obtain, for gratis, matching models of the brand new Ethereum PoW ETP quickly after the Ethereum laborious fork happens,” he famous, including:

“We imagine that it’s only proper that buyers in our merchandise ought to obtain the proceeds of this fork.”

The information comes amid the crypto trade actively making ready for the upcoming Ethereum Merge, with numerous firms searching for new mining choices or launching Ethereum staking.

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On Wednesday, Swiss-regulated crypto platform SEBA Financial institution enabled Ether (ETH) staking providers for institutional buyers. The institutional-grade providing shoppers to generate rewards primarily based on their Ether holdings on a month-to-month foundation, the financial institution mentioned in a press release. Canadian crypto miner Hive Blockchain additionally introduced on Tuesday that it has been working to switch the mining of ETH with different mineable cash within the occasion of Ethereum’s transition to PoS.