Etc Group, a digital asset-backed securities provider, announced that it will list an Exchange Traded Product (ETP) based on the expected hard fork of the Ethereum blockchain on September 15. Current holders of Etc Group’s Ethereum ETP (ZETH) will be issued “units of the new security on a 1:1 unit basis free of charge.”
Etc Group, a provider of digital asset-backed securities for institutional investors
, has announced that a new exchange-traded product (ETP) based on the hard fork of the Ethereum blockchain that will occur after the so-called “Merge” The company has announced that it will list the product. According to a statement released by the brokerage, the ETP will be listed on the German exchange Xetra on September 16, the day after the fork event.
As stated in the brokerage’s statement, Etc Group’s current Ethereum ETP (ZETH) holders will be issued “units of the new security for free in 1:1 units,” it explained. The statement explains that the new units “will remain backed byETHas before, in addition to their existing ZETH holdings; they will continue to hold ETHas before.”
As the expected switch of the consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS) on the Ethereum blockchain approaches, many crypto experts believe the merge will see some “minor forking. forking ETHto keep the PoW version and allow mining to continue,” many crypto experts believe. As a result, currentETHholders of ETHwill likely receive an airdropof a new altcoin calledETHW.
The Etc Group planned to list ETP because, as Bradley Duke, the organization’s founder and co-CEO, explained.
“When we launched Etc Group, we promised holders of digital asset-backed securities that they would benefit from a hard fork into underlying digital assets and cryptocurrencies. In line with this and our proven leadership in the digital asset industry, any holder of our Ethereum-based ETP (ZETH) will receive a free matching unit of the new Ethereum PoW ETP immediately after the Ethereum hard fork occurs, and this on or about September 15 Expected”.
Prior to announcing plans to list the new ETP, Etc Group had published astudy reportdescribing The Merge and what is likely to happen after September 15. the fate of theETHminers and the potential success of the forked chain. also examined.
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