The U.K.’s ETC Group will offer an ETP based on the Ethereum Pow hard fork after The Merge.
All holders of the current Ethereum ETP will receive units of the new one on a 1:1 basis.
Some exchanges have also said that it would support the asset of the forked chain.
Ethereum Proof-of-Work hard fork, ETHPoW, will have its own Exchange Traded Product (ETP). The United Kingdom’s ETC Group announced on September 7 that it would offer the ETP once The Merge has been completed. It will be offered on the XETRA exchange and should arrive on September 16.
The ETP will be called ETHWetc — ETC Group Physical EthereumPoW. The asset management company also revealed that holders of the current Ethereum ETP (ZETH) will receive units of the new one on a 1:1 basis that will be deposited into their brokerage accounts.
Co-founder and CEO of the ETC Group Bradley Duke stated that it was only right that investors of the original ETP should receive their due. He said,
“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.”
The ETC Group offers several crypto products that are traded in regulated markets. The collateral offered by clients is stored in institutional-grade custody, and the whole process makes it easy for investors to invest in the crypto market. The company has more than $368 million in assets under management.
Ethereum PoW Fork Also Prepping Ahead of The Merge
The Proof-of-Work fork of the Ethereum network has been making the headlines as The Merge gets closer and closer. Currently, there is no mainnet for the variant, though users can purchase IoUs on exchanges that support it. All addresses that hold ETH on the Ethereum network will receive ETHW on the EthereumPoW network.
A few crypto exchanges have signaled support for the Ethereum fork. BitMEX, Poloniex, and MEXC Global said they would also support the forked asset, while Bitrue said that it would support the hard fork last month. There’s not telling how the asset will move, and some may just be getting in to make a quick profit.