J-CAM Co., Ltd. (Location: Minato-ku, Tokyo / CEO: Toshiyuki Niitsu, hereinafter referred to as J-CAM) announces that its cryptocurrency lending service ‘BitLending’ will support and grant new cryptocurrencies in the event of a hard fork occurring during the major update of Ethereum, known as ‘The Merge’.
J-CAM’s cryptocurrency lending service ‘BitLending’ will support the upcoming major update of Ethereum, ‘The Merge,’ and will grant new cryptocurrencies if a hard fork occurs and new cryptocurrencies emerge as a result.
Ethereum’s Major Update ‘The Merge’
The cryptocurrency Ethereum is scheduled to undergo a major update, ‘The Merge.’ The update is expected to take place around September 14-15, 2022, Japan time. This update will transition Ethereum’s consensus algorithm from PoW (Proof of Work) to PoS (Proof of Stake), which is explained to reduce the Ethereum network’s energy consumption by up to 99.95%.
At the same time, the possibility of a hard fork accompanying ‘The Merge’ has been suggested. Should a hard fork occur, resulting in a new forked chain and the emergence of new cryptocurrencies, BitLending plans to support and grant these forked cryptocurrencies.
Additionally, Ethereum assets lent out via BitLending will continue to generate lending fees as usual during the update, both before and after, and will be automatically integrated into the PoS Ethereum chain, ensuring continuous lending.
Ethereum New Loan Reception Accompanying the Update
In response to this update, BitLending will temporarily suspend new loan receptions and return processing from noon on September 14, 2022, Japan time. Therefore, the eligibility for support and granting of new cryptocurrencies will apply to those transactions completed by noon on September 14, 2022, Japan time. The date and time for resuming reception will be announced after the update completion via the BitLending Twitter account and other channels.
