ETC Group officially announced on Wednesday the launch of a new Ethereum ETP in response to the upcoming Ethereum Merge. Scheduled for mid-September, the Ethereum Merge is a long-awaited consensus upgrade that will move the Ethereum blockchain from mining-based PoW to proof-of-no-mining (PoS).
ETC Group’s new Ethereum ETP will be based on the Ethereum PoW forked chain, which represents a group of miners who are against the change from Ethereum to PoS. The PoW chain will have a new token called ETHW, which will form the basis of ETC Group’s new physical ETP called ETHWetc.
According to the announcement, ETHWetc is expected to be listed on Deutsche Boerse’s electronic trading platform, Xetra, under the symbol ZETW. ETC Group noted that the company expects the listing to happen shortly after the September 16 fork event.
The company stressed that the new ZETW will not replace the physical Ethereum (ZETH) ETC Group. Existing ZETH holders will automatically receive the new token (ZETW) as an add-on on a 1:1 unit basis on brokerage accounts. Representatives of the ETC Group contacted Cointelegraph to clarify that “ZETH will continue as before and will automatically transition to ETH PoS in line with The Merge.”
Bradley Duke, Founder and Co-CEO of ETC Group, indicated that the firm’s core vision and commitment is to benefit from hard forks of underlying currencies. “In agreement with this […]any holder of our Ethereum-based ETP will receive, at no cost, corresponding units of the new Ethereum PoW ETP soon after the Ethereum hard fork occurs,” he said, adding:
“We believe it is fair that investors in our products receive proceeds from this fork. »
The news comes as the cryptocurrency industry is actively preparing for the upcoming Ethereum Merge, with various companies looking for new mining options or launching Ethereum milestones.
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On Wednesday, SEBA Bank established the Swiss regulated cryptocurrency platform Ether (ETH) staking services for institutional investors. Customers of the institutional-grade offering will be able to generate rewards based on their Ether holdings on a monthly basis, the bank said in a statement. Canadian cryptocurrency miner Hive Blockchain also announced on Tuesday that it is working to replace ETH mining with other desirable coins in the event of a switch from Ethereum to PoS.
