Leading cryptocurrency exchange Bitrue has announced that it will be providing its users with an Ethereum Proof of Work token, which they can claim and trade for free if they are holding the ETH asset, ahead of the upcoming highly anticipated Merge upgrade of Ethereum.
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The Merge upgrade will see Ethereum convert into a Proof of Stake blockchain, however several stakeholders within the Ethereum ecosystem wish to retain the existing Proof of Work infrastructure and are gearing up to fork the chain, which will create two parallel versions of Ethereum. Via a swap and IOU mechanism, Bitrue is allowing its users to claim the new Proof of Work token for free, alongside a pre-release version of the Proof of Stake upgraded token, even before the update is completed.
“Bitrue has always been about providing users with unmatched choice, which can be seen not only in the thousands of trading pairs available on the exchange right now but also in our actions of providing unique and novel financial products. In 2020 we were the first exchange to provide IOU trading on the Flare FLR token, fulfilling a huge demand from the XRP community, and we are thrilled to now be able to do something similar for the Ethereum community.” said Adam O’Neill, Chief Marketing Officer at Bitrue.
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Regardless of whether or not a fork occurs, all users will be able to receive a full entitlement of Proof of Stake Ethereum, ensuring that users are not exposed to any risk. By additionally offering the Proof of Work Ethereum as an IOU Bitrue is able to magnify the speculation options available to interested users.
The Merge upgrade of Ethereum is scheduled for the middle of September 2022, subject to the Ethereum Foundations final plans. Bitrue will continue to recognize Proof of Stake Ethereum as the official Ethereum coin and all related services will be able to continue uninterrupted.
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