J-CAM Inc. (located in Minato-ku, Tokyo and represented by Toshiyuki Niitsu, CEO) is pleased to announce that in the event of a hard fork occurring as a result of Ethereum's major update "The Merge" on the cryptocurrency lending service "BitLending", we will support and issue the new cryptocurrency.
In the cryptocurrency lending service "BitLending" operated by J-CAM, we would like to announce that we will support and issue the new cryptocurrency in the event of a hard fork occurring during Ethereum's major update "The Merge", which is scheduled to take place soon, resulting in the creation of a new cryptocurrency.
Ethereum's major update "The Merge"
The cryptocurrency Ethereum is planning a major update called "The Merge". The latest estimate is that it will be implemented on September 14-15, 2022, Japan time. With this update, Ethereum's consensus algorithm will transition from PoW (Proof of Work) to PoS (Proof of Stake), and it is said that the energy consumption of the Ethereum network will be reduced by up to 99.95%.
Regarding new lending for Ethereum in relation to the update
BitLending will temporarily suspend new lending and repayment processing starting from noon on September 14th, 2022, due to the update. Therefore, the support and issuance of new cryptocurrencies will only apply to transactions that have been completed by noon on September 14th, 2022 (Japan time).
The date for resuming the acceptance of new lending will be announced through BitLending's Twitter account and other channels after the update is complete.