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Open End Tracker Certificate on Ether

  • Valor 59515723
  • ISIN CH0595157238
  • Symbol ZXEAAV
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Documents

Official Notice

Issuer: Bank Vontobel AG, Zurich
Product: Open End Tracker Certificate on Ether
ISIN: CH0595157238
Valor: 59515723

The Issuer would like to inform investors that a conversion of the blockchain from a so-called proof-of-work algorithm (PoW) to a proof-of-stake algorithm (PoS) is planned within the Ethereum network. In this context, a merger of the existing blockchain (so-called Mainnet) (PoW) with the so-called Beacon Chain (PoS), which already exists in parallel, is expected to take place under the generic term "Merge" between September 10, 2022 and September 20, 2022. As a result, only one core blockchain with PoS algorithm will remain after the "Merge". This merger is expected to have no fundamental impact on the cryptocurrency of the Ethereum network "Ether", which is the Underlying of the product. In particular, according to the plan, the merger should not have a direct effect on the price of Ether.
Nevertheless, it cannot be ruled out at present that as a result of the "Merge" a so-called "fork", i.e., a split of the Ethereum protocol into different units of account, could occur. This may involve trading venues on which Ether is traded temporarily suspending deposits or withdrawals or the purchase or sale of Ether on that trading venue until assessments of risks and consequences that could arise in connection with the fork (e.g., replay attacks, network instabilities) are completed. This may take several days under certain circumstances. In addition, there is a risk that in the event of a split, the value of the new units of account may develop differently.
For the Product linked to Ether, this means that due to the outlined uncertainties with regard to possible risks and consequences of the "Merge", there might be restrictions in its tradability. Furthermore, the Issuer reserves the right to make adjustments to the Product in order to adequately take into account any effects resulting from the "Merge".

Date: 08.09.2022
Bank: Bank Vontobel AG
Person: Issuance CH-APAC
Phone: +41 58 283 78 75
E-mail: IssuanceCH-APAC@vontobel.com
TypeDateTitle
Notice08/09/2022Information on Ether Merge