“We believe that it is only right that investors in our products should receive the proceeds of this fork,” ETC Group founder Bradley Duke said.
Digital asset-backed securities provider ETC Group will continue to rely on Ethereum’s original proof-of-work consensus for its current Ethereum exchange-traded product .
, the Ethereum Merge is a long-awaited consensus upgrade that is set to move the Ethereum blockchain from mining-based PoW to mining-free proof-of-stake .on a forked PoW Ethereum chain, representing a group of miners opposing Ethereum’s switch to PoS. The PoW chain will have a new token called ETHW that will provide a basis for ETC Group’s new physically-backed ETP called ETC Group Physical EthereumPoW, or ETHWetc.
ETC Group noted that ZETW will automatically replace the original ETC Group Physical Ethereum on a 1:1 unit basis on brokerage accounts.
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