21Shares and Chainlink team up to increase the transparency of Ethereum ETFs with proof of deposit integration

Key receivers

21Shares uses Chainlink verification to verify ETH reserves in real time. On-chain automated authentication, decentralization and transparency are key benefits of the integration.

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21Shares US LLC, an affiliate of 21Shares AG and a major player in crypto exchange-traded products, has partnered with Chainlink's popular decentralized blockchain network to launch the Chainlink PoR (PoR), the companies announced Monday. The merger aims to increase the transparency of Ethereum stocks by supporting the 21Shares Core Ethereum ETF (CETH).

Chainlink's proof-of-reserve system allows CETH investors to get real-time information about their Bitcoin holdings and track their records, which ensures that the ETF can accurately track ETH's performance, Chainlink said.

“We are pleased to further our collaboration with 21Shares and support a major milestone in our industry history by bringing improved transparency to the 21Shares Core Ethereum ETF through the Chainlink Proof Reserve,” commented Johann Eide, General Manager of Chainlink Labs. Cooperation.

Acceptance of Chainlink's PoR provides real-time data on the status of reserves that is publicly accessible through Coinbase's off-chain reserve feed. This feature not only secures holdings, but also protects asset integrity and builds investor confidence by avoiding central failures in data delivery, ChainLink noted.

Ophelia Snyder, co-founder and president of 21Shares, highlighted the broad impact of this merger:

“The approval of the US spot Ethereum ETF serves as further evidence of crypto's global momentum and adoption, taking us one step closer to our mission to bridge the gap between traditional finance and decentralized finance.

The latest merger comes after 21Shares' spot Ethereum ETF began trading alongside other Ethereum products last week. As of July 29, the 21Shares fund attracted $7.5 million in net income, Farside Investors said.

The move follows the successful merger of ChainLink's Reserve Bank of America after the currency was launched in the US earlier this year.

By deciding to use ChainLink's industry-standard backup verification service for our site, Bitcoin ETP is already helping to improve the transparency of our site since its inception. Added.

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