21Shares US LLC, a subsidiary of 21Shares AG and a major player in crypto exchange-traded products, is partnering with Chainlink, a prominent decentralized oracle network, to integrate Chainlink Proof of Reserve (PoR), the companies announced Monday. The integration aims to increase the transparency of Ethereum reserves supporting the 21Shares Core Ethereum ETF (CETH).
The Chainlink Proof of Reserve system gives CETH investors access to real-time data on underlying Bitcoin reserves and can track their data so that the ETF accurately tracks ETH’s performance, Chainlink said.
“We are excited to continue our partnership with 21Shares and support an important milestone in our industry’s history by bringing greater transparency to the 21Shares Core Ethereum ETF via Chainlink Proof of Reserve,” said Johann Eid, Chief Business Officer of Chainlink Labs. cooperation.
The adoption of Chainlink’s PvE provides real-time reserve status data, which is publicly accessible via an off-chain reserves feed from Coinbase. This feature not only secures holdings, but also maintains asset integrity and builds investor confidence by eliminating central points of failure in data delivery, Chainlink noted.
Highlighting the broader impact of this integration, Ophelia Snyder, co-founder and president of 21Shares, said:
“The US approval of a spot Ethereum ETF serves as further evidence of the global momentum and adoption of crypto, bringing us one step closer to our mission to bridge the gap between traditional finance and decentralized finance.”
The latest integration comes after 21Shares’ spot Ethereum ETF, among other Ethereum products, began trading last week. According to Farside Investors, the 21Shares fund has attracted $7.5 million in net inflows as of July 29.
The move follows the successful integration of Chainlink Proof of Reserve for ARK 21Shares Bitcoin ETF earlier this year after the fund went live in the US.
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“Chainlink Proof of Reserve has helped improve 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 added.