ETC Group Says It Will List an Exchange-Traded Product Based on Anticipated ETH Hard Fork – Finance Bitcoin News
Digital asset-backed securities supplier the And many others Group has mentioned it’ll listing an exchange-traded product (ETP) primarily based on an anticipated laborious fork of the Ethereum blockchain on September 15. Present holders of And many others Group’s ethereum ETP (ZETH) might be issued with “units of the new security free of charge on a 1:1 unit basis.”
Ethereum Hard Fork
The And many others Group, a supplier of institutional-grade digital asset-backed securities, has mentioned it’ll listing a brand new exchange-traded product (ETP) primarily based on a tough fork of the Ethereum blockchain that’s prone to happen after the so-called “Merge.” In keeping with an announcement issued by the securities supplier, the ETP might be listed on the German change Xetra on September 16, a day after the forking occasion.
As outlined within the securities supplier’s statement, holders of And many others Group’s present ethereum ETP (ZETH) might be issued with “units of the new security free of charge on a 1:1 unit basis.” The assertion defined that the brand new items might be “in addition to their existing ZETH holdings which will persist and be backed by ETH as before.”
Because the Ethereum blockchain’s anticipated swap from a proof-of-work (PoW) to proof-of-stake (PoS) consensus mechanism approaches, a variety of crypto specialists consider The Merge will see some “miners forking ETH to keep a PoW version so they can continue mining.” As a consequence, present ETH holders will seemingly receive airdrops of a brand new altcoin known as ETHW.
Explaining the explanations behind the And many others Group’s plan to listing the ETP, the group’s founder and co-CEO, Bradley Duke, mentioned:
“When we launched Etc Group, we committed to holders of our digital asset-backed securities that they would benefit from hard forks to the underlying digital assets and cryptocurrencies. In line with this and our demonstrated leadership of the digital asset industry, any holders of our Ethereum-based ETP (ZETH) will receive, at no cost, matching units of the new Ethereum PoW ETP soon after the Ethereum Hard Fork occurs, which we’re expecting around September 15.”
Earlier than saying plans to listing the brand new ETP, the And many others Group had launched a research report explaining The Merge and what’s going to seemingly occur after September 15. The destiny of ETH miners in addition to the forked chain’s probabilities of succeeding are additionally examined.
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Terence Zimwara
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