ETC Group Says It Will List an Exchange-Traded Product Based on Anticipated ETH Hard Fork – Finance Bitcoin News

Etc Group is a digital asset-backed security provider and has stated it will list an exchange traded product (ETP), based on the expected hard fork of Ethereum’s blockchain on September 15. Current holders of Etc Group’s ethereum ETP (ZETH) will be issued with “units of the new security free of charge on a 1:1 unit basis.”

Ethereum Hard Fork

The Etc Group, a provider of institutional-grade digital asset-backed securities, has said it will list a new exchange-traded product (ETP) based on a hard fork of the Ethereum blockchain that is likely to occur after the so-called “Merge.” According to a statement issued by the securities provider, the ETP will be listed on the German exchange Xetra on September 16, a day after the forking event.

As outlined in the securities provider’s statement, holders of Etc Group’s current ethereum ETP (ZETH) will be issued with “units of the new security free of charge on a 1:1 unit basis.” The statement explained that the new units will be “in addition to their existing ZETH holdings which will persist and be backed by ETH as before.”

As the Ethereum blockchain’s anticipated switch from a proof-of-work (PoW) to proof-of-stake (PoS) consensus mechanism approaches, a number of crypto experts believe The Merge will see some “miners forking ETH to keep a PoW version so they can continue mining.” As a consequence, current ETH holders will likely receive airdrops of a new altcoin called ETHW.

Explaining the reasons behind the Etc Group’s plan to list the ETP, the organization’s founder and co-CEO, Bradley Duke, said:

“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.”

The Etc Group published a research report explaining The Merge as well as what is likely to happen following September 15th, before they announced plans for listing the ETP. The fate of ETH miners as well as the forked chain’s chances of succeeding are also examined.

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Terence Zimwara

Terence Zimwara was a Zimbabwe-award winning journalist, author, and writer. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.

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