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Home»ALTCOIN NEWS»21Shares Integrates Chainlink Proof of Reserve System for Spot Ethereum ETF
ALTCOIN NEWS

21Shares Integrates Chainlink Proof of Reserve System for Spot Ethereum ETF

By Crypto FlexsJuly 30, 20242 Mins Read
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21Shares Integrates Chainlink Proof of Reserve System for Spot Ethereum ETF
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Leading Cryptocurrency Companies Are Leveraging Leading Blockchain Oracle Services to Drive Transparency

According to a new announcement from 21Shares, the company’s Ethereum (ETH) exchange-traded fund (ETF) will utilize Chainlink’s (LINK) Proof of Holdings (POR).

“Exciting news! 21Shares has integrated Chainlink Proof of Reserve (PoR) on Ethereum, increasing reserve transparency for the 21Shares Core Ethereum ETF (CETH).

Chainlink’s Proof of Reserve integration aims to set a new standard for digital asset transparency and security, ensuring investors have real-time visibility into the Ethereum reserves that support CETH.”

Chainlink’s POR allows anyone to view an ETF’s reserve data and reserve history.

Chainlink’s POR integration comes just a week after the launch of the first spot Ethereum ETF in the United States.

Last Tuesday morning, ETFs from BlackRock, Fidelity, 21Shares, Invesco, Franklin Templeton, VanEck, Grayscale, and BItwise hit the market.

Chainlink founder Sergey Nazarov recently said that TradFi is preparing to take the next big step towards adopting digital assets and smart contracts.

“Accelerating digital asset/smart contract adoption on TradeFi is just the beginning. Once the world’s largest asset managers and banks are on-chain, the next step is to connect to DeFi protocols already powered by Chainlink.

“Once we have a single standard for how transactions should work across multiple chains and across the worlds of DeFi and TradFi, we will enter the Internet of Global Contracts. This is the real promise our industry has been working towards.”

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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are your responsibility and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.

Featured image: Shutterstock/GrandeDuc

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