New ETP to be Released by ETC Group in Light of Upcoming Ethereum Hard Fork

The investing company announced that it intends to register a new Ethereum ETP dubbed as Xetra on the Frankfurt Stock Exchange in preparation of Ethereum's impending hard fork. With its headquarters in London, ETC Group is the principal supplier of institutional-grade digital asset-backed securities in Europe.

A long-awaited settlement upgrade termed as the Ethereum Merge is intended to switch the Ethereum blockchain's Proof-of-Work (PoW) mechanism from one that depends on mining to one that doesn't (PoS).

The largest smart-contract network in the world, Ethereum, is set to hard fork in the middle of September, dividing into a proof-of-stake (PoS) chain and a proof-of-work (PoW) chain. The seven-year-old Ether (ETH) cryptocurrency, with a market cap of $1,585, will continue to function as the native token of the Ethereum chain with the PoS consensus process. A new coin called ETHW will be used on the PoW chain, which stands for a group of miners that are opposed to the move to PoS.

A group of miners who are opposed to Ethereum shifting to PoS are addressed by the new Ethereum ETP from ETC Group, which is preparing to rely on a forked PoW Ethereum chain.

A new currency named ETHW will be introduced for the PoW chain, serving as the foundation for the physically-backed ETP branded as ETC Group Physical EthereumPoW, or ETHWetc., from ETC Group.

The fork event is poised to take place on September 15, and according to ETC Group, it anticipates to list ETHWetc on the Xetra stock exchange under the ticker symbol ZETW after that.

Additionally, according to the business, ZETW would immediately replace the original ETC Group Physical Ethereum (ZETH) on investment accounts on a 1:1 case by case.

Holders of ETC Group Physical Ethereum (ticker ZETH), the company's existing Ethereum ETP, will instantly receive securities of the special security, ZETW, in their brokerage accounts on a 1:1 capita basis once the listing is live, according to ETC Group.

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