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Amidst preparations for the Ethereum Merge, ETC Group made a surprising announcement on Wednesday. The digital belongings and blockchain fairness supplier declared its plan to proceed utilizing Ethereum’s proof-of-work consensus for its present Ethereum exchange-traded merchandise.

Meanwhile, ETC Group just lately published a paper in August titled: ‘why structure matters in crypto ETPs.’ The publication identifies the variations between its crypto ETPs and its rival European crypto ETP choices. It additionally described its notion of the failures of its rival crypto ETPs.

A report cited that ETC Group achieved development of 34,259% from its launch on June 8, 2020, to June 1, 2021. In addition, the corporate reached its peak in belongings of $1.7 billion and received the ETF Express Editors award in March 2022 European awards.

Then, it claimed to be probably the most liquid and 100% physically-backed Bitcoin ETP on the planet.

Details of the ETC Group’s Ethereum Exchange-Traded Product (ETP)

According to the announcement, the newly launched Ethereum ETP of ETC Group will depend on the Ethereum POW laborious fork. This is supposed for a gaggle of miners against the transition to POS. The proof-of chain could have a brand new token known as ETHW.

The ETHW will present a base for ETC Group’s new physically-backed ETP known as ETHWetc (ETC Group’s Physical EthereumPoW. According to the Group’s report, ETHWetc is predicted to be enlisted on the Deutsch Boerse’s digital buying and selling platform, Xetra. Therefore, its ticker image might be ZETW.

The firm acknowledged that it anticipates the itemizing to happen quickly after the ETH fork occasion on September 16. ETC Group additionally revealed that ZETW would naturally change the unique ETC Group’s ZETH within the ratio of 1:1 items on brokerage accounts.

Why ETC Group Decided to Retain the Ethereum’s PoW

The founding father of ETC Group, Bradley Duke, defined that the agency’s unique imaginative and prescient was to profit from the laborious forks of present cryptocurrencies. He added that holders of their Ethereum would obtain accessible, equal items of the brand new Ethereum PoW ETP. This might be after the Ethereum laborious forks merge occurs.

The CEO stated that they consider their traders need to obtain the good points from the fork. As numerous corporations are searching for new mining choices, ETC Group launched this announcement.

Speaking of traders, Swiss-regulated Cryptocurrency platform SEBA Bank approved ETH staking companies for institutional traders on Wednesday. The Bank acknowledged that it’s an institutional-category providing to allow shoppers to supply month-to-month rewards on their ETH holdings.

Apart from ETC Group, different organizations need to seize the chance to introduce new tokens. Recently, Hive Blockchain, a Canadian-based crypto miner, introduced that it’s planning to interchange the mining of ETH with different mineable cash in the midst of the ETH merge.

Featured picture from The Pixabay, chart from TradingView.com