Digital asset-backed securities provider Etc Group says it will list an exchange-traded product (ETP) based on a hard fork of the Ethereum blockchain expected on September 15. Current holders of Etc Group ethereum ETP (ZETH) in “1:1 unit basis of new security units”
Ethereum hard fork
The Etc Group, a provider of institutional-grade digital asset-backed securities, said it will list a new exchange-traded product (ETP) based on a possible hard fork of the Ethereum blockchain after the merger. It will be listed on the fork event one day later.
According to the security provider’s statement, Etc. Group will offer current Ethereum ETP (ZETH) holders “a 1:1 unit of the new security for free.” The statement explained that the new units “will be backed by ETH as before, in addition to existing ZETH holdings.”
As Ethereum’s blockchain is expected to switch from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism, several crypto experts believe The Merge will see some “miners trigger ETH to secure the PoW version.” You can continue mining. As a result, current ETH holders may receive airdrops of a new altcoin called ETHW.
Bradley Duke, the firm’s founder and CEO, explained why ETC Group plans to list ETP:
“When we launched Etc Group, we made a promise to those holding the securities backing our digital assets, from hard forks to underlying digital assets and cryptocurrencies. With this and our demonstrated leadership in the digital asset industry, any Ethereum-based ETP (ZETH) holders will receive the new Ethereum PoW ETP shortly after the Ethereum hard fork.” You will receive matching units at no cost, expected around September 15th.
Before announcing plans to list the new ETP, ETC Group released a research report explaining the merger and what could happen after September 15. The fate of ETH miners and the likelihood of the fork chain’s success were also examined.
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