ARK 21Shares' Bitcoin ETF integrates Chainlink's proof of reserve
Investors can now monitor ARKB's Bitcoin reserves in near real-time.
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21Shares, a crypto investment product provider, announced today its integration with Chainlink’s Proof of Reserve on the Ethereum mainnet, elevating the transparency of the Bitcoin reserves backing the ARK 21Shares Bitcoin ETF, ARKB.
Crypto ETF issuer @21shares_us has integrated #Chainlink Proof of Reserve on @ethereum to increase the transparency of ARK 21Shares Bitcoin ETF’s (ARKB) reserves with @ARKInvest.
Explore how PoR provides transparency for both onchain and offchain assets: https://t.co/uauB02irKm
— Chainlink (@chainlink) February 28, 2024
ARKB investors can now verify that the ETF is fully backed by Bitcoin holdings, thanks to the public availability of the underlying Bitcoin reserve and reserves history through Chainlink Proof of Reserve (PoR). This off-chain reserves feed, sourced directly from Coinbase, allows for the on-chain reporting of reserve data via Chainlink oracles.
“By integrating Chainlink, the industry leader in Proof of Reserves for tokenized assets, we’re setting a new standard for combining transparency and security in digital asset management,” explained Ophelia Snyder, 21Shares US co-founder and President.
The benefits of PoR include automated on-chain verification of ARKB’s Bitcoin collateralization, decentralized delivery of external data to blockchains, and transparent monitoring of Chainlink PoR feeds by anyone in near real-time.
“By providing real-time, tamper-proof data on Bitcoin reserves, Chainlink Proof of Reserve is not just enhancing the security and transparency of the ARK 21Shares Bitcoin ETF, but also empowering institutions and market participants with the confidence to actively engage with on-chain finance,” noted Johann Eid, Chief Business Officer at Chainlink Labs.
The collaboration between 21Shares and ARK Invest has resulted in a leading spot Bitcoin ETF with nearly $1.6 billion in net assets since its launch in January 2024.
The adoption of Chainlink’s PoR is not limited to ARKB. Other web3 projects such as Aave, Gemini, and TrustToken had previously integrated the solution prior to ARKB.
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