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Grayscale Funding strikes to promote all ETHPOW tokens – Cryptospacey

Grayscale Funding strikes to promote all ETHPOW tokens – Cryptospacey

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Grayscale Funding has introduced plans to promote ETHPoW tokens, which it acquired from the PoW hard fork after Ethereum moved to a proof-of-stake (PoS) system.

Shortly after the merger on September 15th, miners pushed Ethereum to launch it Ethereum PoW Community. As proposed, ETHPoW tokens have been distributed to eligible ETH holders.

Two funds owned by Grayscale Funding acquired a total of three 100,629 ETHPoW tokens. Grayscale Ethereum Belief (ETHE) bought about 3,059,976 ETHPoW tokens while Grayscale Digital Giant Cap Fund (GDLC) bought 40,653 ETHPoW tokens.

ETHE and GDLC funds will exchange their holdings of ETHPoW tokens for grayscale funding by the company’s shutdown on September 26. Grayscale funding is expected to hold the tokens until it is ready to promote them.

If trade breakdown and deep liquidity are developed for ETHPoW tokens, Grayscale will transfer its holdings to the promotion and redistribute the proceeds to shareholders.

Grayscale added that it is unable to determine the value of ETHPoW tokens because there is little liquidity created on crypto exchanges for buying and selling.

Spot buying and selling opened for ETHW token

Shortly after the merger, several major crypto exchanges began spot buying and selling using the EthereumPoW (ETHW) token.

FTX introduced its spot buying and selling to ETHW and has done $28.7 million worth of trades to date. Various exchanges that have opened up spot buying and selling of ETHW tokens include Bybit, MEXC World, Bitfinex, Kraken, and Huob.

OKX moved to initiate continuous buying and selling of USDT on margin to ETHW. According to data from Coinmarketcap, OKX handles 38.19 percent of the buying and selling of ETHW, which is about $39.7 million.

At press time, the value of ETHW has bought and sold at $11, representing a drop of more than 80% from its 24-hour high of $60.68.

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