Ethereum PoW Listing Requires Risk Assessment Ahead of Merge, Japan’s Bitbank Says

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Alex Dovb­nya

Japan’s Bit­bank is seek­ing reg­u­la­to­ry clar­i­ty regard­ing $ETHW

Japan­ese cryp­tocur­ren­cy exchange Bit­Bank has announced that it is yet to make a deci­sion regard­ing the list­ing of Ethereum PoW (ETHW).

It has to assess poten­tial reg­u­la­to­ry risks before decid­ing whether or not it will list the token.

Ear­li­er this August, rebel­lious cryp­to min­ers cre­at­ed a proof-of-work Ethereum alter­na­tive ahead of the upcom­ing merge upgrade.

The ETHW token ini­tial­ly man­aged to gain some trac­tion, with Poloniex being among the first exchanges to throw its sup­port behind the token. Bit­MEX also launched a futures con­tract for the proof-of-work ver­sion of the token.

The merge event, which is sched­uled for mid-Sep­tem­ber, will mark Ethereum’s full tran­si­tion to proof-of-stake. Ethereum min­ers will be left in the dust, tak­ing a mas­sive finan­cial hit. Fol­low­ing the merge, stak­ers will be respon­si­ble for secur­ing the network.

Despite gen­er­at­ing plen­ty of inter­est in ear­ly August, the val­ue of the PoW-sup­port­ing token has plum­met­ed in the run-up to the merge event. It is cur­rent­ly trad­ing at $50.56, accord­ing to data pro­vid­ed by CoinMarketCap.

It is worth not­ing that the ETHW token is yet to be launched. Its pro­po­nents hope to suc­cess­ful­ly fork the main chain dur­ing the main event. Some exchanges have decid­ed to pre­emp­tive­ly list the token in order to cap­i­tal­ize on the hype. Ethereum min­er Chan­dler Guo, who’s spear­head­ing the effort to fork the Ethereum chain, tweet­ed that ETHW was “com­ing soon” ear­li­er this August.

The new fork will have a hard time gain­ing enough sup­port­ers giv­en that Ethereum co-founder Vita­lik Buterin has already endorsed Ethereum Clas­sic, claim­ing that it’s a “very fine chain.”



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