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21 shares just announced that they have integrated Chainlinkās Proof of Reserve tech for their Ethereum ETF, called CETH. They claim that this is all about making sure everyone knows exactly whatās backing their Ethereum ETF.
The idea here is simple. More transparency equals more trust. Chainlinkās tech lets anyone see the real-time reserves backing CETH. This data comes straight from Coinbase since it is the Custodian.Ā
So, whatās so special about Chainlinkās Proof of Reserve? For starters, it reportedly automates the verification of on-chain data. This means that the info about CETHās reserves is always up-to-date without needing manual updates.Ā
No more waiting around for someone to input the latest numbers. According to 21 shares, itās fast, accurate, and reduces the chances of mistakes. Another big plus is that itās decentralized. This means thereās no single point of failure.Ā
Investors can check the ETFās collateralization in real-time. Anyone can verify the data, anytime. Johann Eid, the Chief Business Officer at Chainlink Labs, said:Ā
ā21Shares 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.ā
Ophelia Snyder, Co-Founder and President of 21Shares, also chimed in. She pointed out that the U.S. approval of a spot Ethereum ETF shows how far crypto has come. Snyder added that:
āThe decision to use Chainlinkās Proof of Reserve for our Ethereum ETF was an obvious choice, given its success with our Bitcoin products.ā
21Shares already used Chainlink for their Bitcoin ETF, ARKB, which now has $3.2 billion in assets under management. The success with Bitcoin made it clear that using Chainlinkās tech for Ethereum was the way to go, they said.
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