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21Shares has integrated Chainlink to provide transparency in terms of proof of reserves for its recently launched ethereum spot exchange-traded fund.
21Shares, a leading issuer of exchange-traded crypto products, announced the integration on July 29, noting that it will leverage Chainlink (LINK) technology to offer access to proof-of-reserve data for the 21Shares Core ethereum ETF trading under the ticker symbol CETH.
21Shares’ CETH is among the ethereum (eth) spot ETFs that launched last week following final approval from the U.S. Securities and Exchange Commission.
“We are excited to continue our collaboration with 21Shares and support an important milestone in our industry's history by bringing greater transparency to the 21Shares Core ethereum ETF through Chainlink Proof of Reserve,” said Johann Eid, Chief Business Officer at Chainlink Labs.
The partnership is part of Chainlink’s goal to help drive greater cryptocurrency adoption, particularly for financial institutions looking to enter the space through tokenization, Eid added.
CETH holder will have access to data on eth reserves
21Shares said in a ethereum-etf-ceth” target=”_blank” rel=””>blog entry who chose Chainlink as their decentralized computing platform due to Chainlink’s significant industrial traction, having enabled over $12 billion in on-chain value transfer since inception.
This integration aims to offer security and confidence to CETH holders, allowing them to leverage the proof-of-reserve feature to gain visibility into the underlying eth reserves. Ensuring asset integrity and investor confidence are key aspects of the market that this collaboration aims to improve.
Notably, 21Shares already leverages Chainlink’s PoR feature to provide and improve transparency for its ARKB bitcoin Spot ETF.
ARKB, issued by ARK 21Shares, was launched in January 2024 and currently has around $3.2 billion in assets under management.
According btc-spot” target=”_blank” rel=””>SosoValue DataARKB has recorded cumulative net inflows of $2.6 billion to date.
