FTX, Bybit Are The First Exchanges To Launch Spot ETHW Trading

FTX, Bybit officially announced that they launch ETHW trading with stablecoin USDT, and plan to open ETHW deposits and withdrawals soon.

Major crypto exchanges, FTX and Bybit, are two of the first crypto exchange platforms to launch spot trading for Ethereum Proof-of-Work (PoW) tokens.

While the Ethereum blockchain has not yet split into two separate networks, crypto exchanges are rushing to start trading EthereumPoW (ETHW) tokens.

At the time of writing, the ETHW Fork IOU token is currently being traded on five exchanges, including the global FTX exchange, the US branch of FTX, Bybit, Gate.io, and MEXC Global.

According to the data, FTX is processing over 62% of ETHW transactions, estimated at $43.7 million at press time. Bybit and MEXC Global account for 9.83% and 9.66% of ETHW trading volume, respectively.

Exchange Bybit announced that it has launched ETHW trading against stablecoin Tether (USDT). “ETHW deposits and withdrawals coming soon,” the company noted. The ETHW/USD trading page is now also available on the FTX website.

The ETHW Fork token is listed as an IOU cryptocurrency where IOU stands for “I owe you”, which means one party owes another. That’s because ETHW will arise from a potential hard fork of Ethereum and the chain has yet to be forked. As previously reported by CoinCu, the hard fork is expected to happen 1 day after The Merge.

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