- The newly launched physically backed ETP will be known as ETC Group physical EthereumPoW(ETHWetc).
- In the last 30 days, Ethereum traded at $2,022.79.
The ETC Group has entered the ranks of entities that have declared intentions to support a potential proof of work(PoW) version of the Ethereum network.
The newly upgraded chain should ultimately appear following the network transition to a proof-of-stake(PoS) system tentatively anointed ETHPoW, which doesn’t yet exist.
Moreover, ETC Group is a London-based crypto firm that is preparing to list a new exchange-traded product based on the native assets of the ETHPow chain issuing holder of its existing Ethereum ETP(ZETH) units of the new security at no cost on a 1:1 unit basis, the firm noted in a press release with a news website.
The newly launched physically backed ETP will be known as ETC Group physical EthereumPoW(ETHWetc). Although it will be listed on Deutsche Borse’s Xetra under ticker ZETW “based on the imminent hard fork of Ethereum.” Moreover, the official listing procedure is assumed to take place on the 16th of September, around the launch date of Ethereum Merge.
An ETP is a security that can be traded on a stock exchange with its value tracking underlying security. An Ethereum ETP can track the price of Ethereum, permitting investors to attain exposure to the cryptocurrency without needing to hold the assets physically.
Bradly Duke, co-CEO and founder of ETC Group, highlighted that. “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.” further adding, he said, “We believe that it is only right that investors in our products should receive the proceeds of this fork.”
In August, a china based crypto-miner firm headed by Chandler Guo initiated a campaign to resist Ethereum’s impending transition to PoS by forking the network and creating an alternate form of Ethereum minable with a proof-of-work(PoW) mechanism.
As per data from CoinMarketCap, while writing this article Ethereum(ETH) is trading at $1,697.59. And in the last 30 days, Ethereum traded at $2,022.79.
Source: https://www.thecoinrepublic.com/2022/09/09/etc-group-preparing-roadmap-to-launch-new-etp-based-on-pow-ethereum-hard-fork/