Alternative Investments/Digital: New, Post-Hard-Fork Ethereum ETP Launched By ETC
The Ethereum blockchain will undergo a ‘hard fork’ on September 15, splitting into two chains, one governed by the existing PoW protocol and another by the more energy-efficient and scalable proof-of-stake (PoS) protocol.
ETC Group is launching a new physically backed Ethereum ETP, the ETHWetc–ETC Group Physical EthereumPoW (ZETW GY) on the Deutsche Börse Xetra on 16 September, shortly after the hard fork occurs.
After the fork, the PoS chain will continue with ether (ETH) as its native chain, while the PoW chain will have a new token titled ETHW. (ETF Express)
New ETP from ETC Group
Investors who are currently invested in the ETC Group’s existing Ethereum ETP, the ETHetc–ETC Group Physical Ethereum (ZETH) ETP, will be given new units of ZETW on a 1:1 basis into their brokerage accounts.
Bradley Duke, founder and co-CEO of ETC Group says: “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. We believe that it is only right that investors in our products should receive the proceeds of this fork.”
Related Story: Ethereum Merge Could Boost CoinBase’s Bottom Line By $80 – $100M (JPMorgan)
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