Singapore-based major cryptocurrency exchange, Bittrue, is offering its users Ethereum proof-of-work tokens ahead of the merge upgrade, where Ethereum will become the blockchain’s proof of stake, Coin Journal learned from an exclusive press release. Users holding Ether can claim and trade the tokens for free.
Supporting two parallel versions of Ethereum?
Several key stakeholders within the Ethereum ecosystem are looking to keep the existing PoW infrastructure after the transition and are preparing for a fork. This will be followed by two parallel versions of the blockchain.
Bitrue will allow users to claim tokens through the swap and IOU mechanism. Before the update, they will also offer a pre-release version of the PoS token. Adam O’Neill, Chief Marketing Officer of Bitrue commented:
Bitru has always focused on giving a unique option to the users. This is evident in our work to provide unique and innovative financial products and also in the thousands of trading pairs currently available on Bitru. We were the first crypto exchange to offer IOU trading on the Flair FLR token in 2020, meeting the huge demand from the XRP community. Now, we are delighted to be able to do something similar for the Ethereum community.
no risk no risk
All users can have full rights to Proof of Stake Ethereum, regardless of whether there is a fork or not. This guarantees a lack of exposure to risk.
Exchanges can also increase the speculative options available to interested users by offering Ethereum Proof of Work additionally in the form of an IOU.
The merge upgrade of Ethereum is expected in mid-September 2022, but the end date depends on the final plans of the Ethereum Foundation.
Bitrue PoS will recognize Ethereum as an official Ether coin. The Exchange will continue to provide all related services without any interruption.