FTX and Bybit Among First Exchanges to Launch Spot ETHW Trading

Bybit has officially announced the launch of ETHW trading against the stablecoin USDT, planning to open ETHW deposits and withdrawals soon.

Major cryptocurrency exchanges FTX and Bybit are among the first crypto trading platforms to launch spot trading for Ethereum proof-of-work (PoW) tokens.

Although the Ethereum blockchain has yet to 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 now trading on five exchanges, including FTX Global Exchange, FTX US Platform, Bybit, Gate.io, and MEXC Global, according to data from CoinGecko.

According to the data, FTX handles over 80% of ETHW transactions, which are estimated at $24.7 million at the time of writing. Bybit and MEXC Global account for 10% and 17.6% of ETHW's trading volume, respectively.

At the time of writing, the ETHW Fork IOU token is trading at $24.36, down ~36.7% in the past 24 hours.

Ethereum PoW Fork IOU Markets. Source: CoinGecko

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

The listed ETHW Fork token is an IOU cryptocurrency where IOU stands for "I owe you", which means that one party is indebted to another. Indeed, ETHW would derive from the potential hard fork of Ethereum and the chain has not yet forked.

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