21shares announced it has integrated Chainlink’s Proof of Reserve on Ethereum mainnet to bolster the transparency of the 21shares Core Ethereum exchange-traded fund (ETF), also known as CETH. The crypto exchange-traded product (ETP) issuer said this integration aims to provide real-time visibility into the ethereum (ETH) reserves backing the ETF.
21shares Enhances CETH Transparency With Chainlink
On Monday, 21shares disclosed that the move leverages Chainlink’s decentralized data verification system to offer automated onchain verification and eliminate central points of failure. According to the crypto asset manager, investors can independently verify asset collateralization through Chainlink’s Proof of Reserve feeds. Johann Eid, chief business officer of Chainlink Labs, noted that this collaboration marks a significant step toward the global adoption of digital assets.
“21shares is playing an important role in supporting the adoption of digital assets, and the Chainlink platform is helping financial institutions realize the vision of seamless tokenization on a global scale,” Eid stated during the announcement.
Ophelia Snyder, co-founder and president of 21shares, emphasized that this integration aligns with the firm’s mission to bridge traditional and decentralized finance (defi). “Chainlink Proof of Reserve has already been helping to enhance the transparency of our spot Bitcoin ETP since its initial launch, making the decision to leverage Chainlink’s industry-standard reserves verification service for our spot Ethereum ETP, CETH, a no-brainer,” Snyder remarked.
The company concluded that this initiative follows the successful implementation of Chainlink’s Proof of Reserve for the Ark Invest and 21shares Bitcoin ETF earlier this year, further highlighting 21shares’ commitment to transparency and investor confidence. At press time, the 21shares fund CETH holds approximately 2,800 ethereum (ETH) valued at around $9.29 million using current ether exchange rates.
Source: Bitcoin
