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ETC Group is going to offer an exchange product based on Ethereum PoW fork

The London-based management company ETC Group announced the creation of the exchange product ETHWetc – against the backdrop of statements from crypto exchanges about the launch of products based on the Ethereum PoW hard fork.

An exchange-traded product (ETP) based on the Ethereum hard fork with proof of work (PoW) will be offered after the completion of the network merger, the ETC Group said. The exchange product will be referred to as the ETC Group Physical EthereumPoW (ETHWetc).

The asset management company announced that current Ethereum (ZETH) ETP holders will receive units of the new exchange product in their brokerage accounts at a 1:1 ratio. ETC Group co-founder and CEO Bradley Duke assured that investors in the original ETP will definitely get the new exchange product.

“Our leadership in the digital asset industry ensures that any holders of our Ethereum-based ETP (ZETH) will receive eligible units of the new Ethereum PoW ETP for free shortly after the Ethereum hard fork, which we expect around September 15th. We believe it is right that investors in our products will receive income from the fork, ”Duke emphasized.

The ETC Group currently sells several crypto products that are traded on regulated markets. The collateral offered by clients is hosted in institutional security vaults. The service allows investors to invest in the cryptocurrency market. The company manages assets worth more than $368 million.

Some crypto companies are ready not only to support the Ethereum fork on PoW, but also to let their users earn on the fork. Last month, crypto exchanges Gate.io, Poloniex and MEXC launched trading in the token of the future Ethereum fork ETHPoW (ETHW). The asset is traded in the form of IOUs issued at a ratio of 1:1 to ETH.

Source: Bits

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