Digital asset-backed securities supplier the Etc Group has stated it would record an exchange-traded product (ETP) primarily based on an anticipated exhausting fork of the Ethereum blockchain on September 15. Current holders of Etc Group’s ethereum ETP (ZETH) will likely be issued with “units of the new security free of charge on a 1:1 unit basis.”
Ethereum Hard Fork
The Etc Group, a supplier of institutional-grade digital asset-backed securities, has stated it would record 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.” According to an announcement issued by the securities supplier, the ETP will likely be listed on the German change Xetra on September 16, a day after the forking occasion.
As outlined within the securities supplier’s assertion, holders of Etc Group’s present ethereum ETP (ZETH) will likely be issued with “units of the new security free of charge on a 1:1 unit basis.” The assertion defined that the brand new models will likely be “in addition to their existing ZETH holdings which will persist and be backed by ETH as before.”
As the Ethereum blockchain’s anticipated change from a proof-of-work (PoW) to proof-of-stake (PoS) consensus mechanism approaches, plenty of crypto specialists imagine 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 possible obtain airdrops of a brand new altcoin known as ETHW.
Explaining the explanations behind the Etc Group’s plan to record the ETP, the group’s founder and co-CEO, Bradley Duke, stated:
“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.”
Before asserting plans to record the brand new ETP, the Etc Group had launched a analysis report explaining The Merge and what’s going to possible occur after September 15. The destiny of ETH miners in addition to the forked chain’s possibilities of succeeding are additionally examined.
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