7 months ago
Ark Invest and 21Shares person integrated Chainlink Proof of Reserve connected the Ethereum mainnet to bolster transparency of the ARK 21Shares Bitcoin ETF (ARKB), according to a Feb. 28 statement.
With this move, investors successful ARKB tin verify that the ETF’s Bitcoin holdings wholly enactment its value. This transparency is facilitated by the nationalist accessibility of the underlying Bitcoin reserve and its humanities information done Chainlink Proof of Reserve (PoR).
The mechanics is powered by off-chain reserves information sourced straight from Coinbase and enables on-chain reporting of reserve accusation via Chainlink oracles.
Ophelia Snyder, the Co-founder and President astatine 21 Shares US, said:
“This collaboration allows america to connection an unmatched level of penetration and information for our investors’ holdings for ARKB, reinforcing 21Shares’ committedness to starring the mode successful secure, transparent plus management.”
Transparency efforts
ARKB’s transparency efforts followed that of Bitwise, a Bitcoin ETF issuer that revealed the on-chain code for its BITB’s BTC holdings successful January. Industry experts wide lauded this initiative, urging different ETF issuers to follow akin transparency measures.
Snyder said the firm’s determination sets a “new modular for combining transparency and security” successful integer plus management.
Johann Eid, the Chief Business Officer astatine Chainlink Labs, added:
“Chainlink Proof of Reserve is not conscionable enhancing the information and transparency of the ARK 21Shares Bitcoin ETF, but besides empowering institutions and marketplace participants with the assurance to actively prosecute with onchain finance.“
Since the US SEC approved respective Bitcoin ETFs for trading successful January, these concern vehicles person experienced a sustained affirmative trajectory and monolithic adoption, marked by notable milestones similar signaling their third-largest time of nett inflows connected Feb. 27.
Notably, ARKB is 1 of the apical performers among launched spot Bitcoin ETFs. However, it trails down BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Trust (FBTC) successful presumption of assets nether absorption (AuM). Presently, the ETF holds implicit 33,000 units of the flagship integer asset, valued astatine astir $2 billion.
The station Ark Invest and 21Shares heighten Bitcoin ETF transparency with Chainlink integration appeared archetypal connected CryptoSlate.
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