The Etc Group, a provider of digital asset-backed securities, has announced that it will list an exchange traded product (ETP), based on an expected hard fork on the Ethereum blockchain on September 15. Etc Group's Ethereum ETP (ZETH), holders will receive "units" of the new security for free on a 1:1 basis.
Ethereum Hard Fork
The Etc Group is a provider of digital asset-backed securities that are institutional-grade and can be found on the internet. According to a statement, the ETP will go on sale on the German exchange Xetra on September 16th, one day after the forking event.
According to the statement of the securities provider, holders of Etc Group’s current ethereum TTP (ZETH), will receive "units of new security free-of-charge on a 1:1 basis." This will "include their existing ZETH holdings that will continue and be backed as before."
Many crypto experts predict that the Ethereum blockchain will soon switch from a proof of work (PoW), to a proof of stake (PoS), and as a result, current ETH holders may receive airdrops of a new altcoin, ETHW.
Bradley Duke, founder of Etc Group, explained the reasons for Etc Group's plans to list the ETP.
"When Etc Group was launched, we made it clear to all holders of our digital asset-backed securities to ensure that they would be able to benefit from hard forks to the digital assets and cryptocurrencies. All holders of our Ethereum-based ETP(ZETH) will be eligible to receive at no cost matching units of the new Ethereum PoW EPTP shortly after the Ethereum Hard Fork, which is expected around September 15.
The Etc Group released a report explaining The Merge, and what would likely happen after September 15, before announcing plans for the ETP to be listed. We also examine the fate of ETH miners and the chances of success of forked chains.
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By: Terence Zimwara
Title: ETC Group Says It Will List an Exchange-Traded Product Based on Anticipated ETH Hard Fork
Sourced From: news.bitcoin.com/etc-group-says-it-will-list-an-etp-based-on-anticipated-eth-hard-fork/
Published Date: Sat, 10 Sep 2022 08:30:27 +0000
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