ETC Group officially announced on Wednesday the launch of a new Ethereum ETP in response to the upcoming Ethereum merger. Scheduled for mid-Septemberthe Ethereum merger is a long-awaited consensus upgrade that is expected to move the Ethereum blockchain from a mining-based PoW to a non-mining proof-of-stake (PoS).
ETC Group’s new Ethereum ETP will use the forked Ethereum PoW chain, representing a group of miners opposed to the switch from Ethereum to PoS. The PoW chain will have a new token called ETHW, which will provide a basis for the new ETC Group Physical ETP called ETC Group Physical EthereumPoW, or ETHWetc.
The company emphasized that the new ZETW will not replace the original ETC Group Physical Ethereum (ZETH). Current ZETH holders will automatically receive the new token (ZETW) as an addition on a 1:1 unit basis on brokerage accounts. ETC Group representatives contacted Cointelegraph to clarify that “ZETH will continue as before and automatically transition to ETH PoS in accordance with The Merge.”
According to the announcement, ETHWetc is expected to list on Deutsche Boerse’s electronic trading platform, Xetra, under the ticker symbol ZETW. ETC Group noted that the company expects the listing to take place shortly after the September 16 fork event.
Bradley Duke, Founder and Co-CEO of ETC Group, pointed out that benefiting from hard forks to the underlying cryptocurrencies is the company’s original vision and commitment. “In line with this […] all holders of our Ethereum-based ETP will receive, at no cost, corresponding units of the new Ethereum PoW ETP shortly after the Ethereum hard fork,” he noted, adding:
“We believe it is fair that investors in our products receive proceeds from this range.”
The news comes amid the crypto industry actively preparing for the upcoming Ethereum merger, with various companies looking for new mining options or launching Ethereum staking.
On Wednesday, Swiss crypto platform SEBA Bank activated Ether (ETH) staking services for institutional investors. Institutional-grade clients offer customers to generate rewards based on their Ether holdings on a monthly basis, the bank said in a statement. Canadian crypto-miner Hive Blockchain also announced on Tuesday that it is working on replace ETH mining with other minable coins in case of transition from Ethereum to PoS.