21Shares Taps Chainlink for Proof of Reserve for Its Ethereum ETF

21Shares has integrated Chainlink to provide proof-of-reserve transparency for its recently launched Ethereum spot exchange-traded fund.

21Shares, a leading issuer of cryptocurrency exchange-traded products, announced the integration on July 29, noting that it will leverage Chainlink (LINK) provides access to proof-of-reserve data for the 21Shares Core Ethereum ETF which trades under the symbol CETH.

21Shares’ CETH is part of Ethereum (ETH) ETFs launched last week after final approval from the U.S. Securities and Exchange Commission.

“We are excited to continue our collaboration with 21Shares and support a major milestone in our industry history by bringing increased transparency to the 21Shares Core Ethereum ETF through Chainlink Proof of Reserve,” said Johann Eid, Chief Commercial Officer of Chainlink Labs.

The partnership is part of Chainlink’s goal to drive increased adoption of cryptocurrencies, particularly for financial institutions looking to make inroads into the space through tokenization, Eid added.

The CETH holder will have access to ETH reserve data

21Shares said in a blog post that it chose Chainlink as its decentralized computing platform due to Chainlink’s significant industry traction, having enabled over $12 trillion of value transfer on-chain since its inception.

This integration aims to provide assurance and trust 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 trust are key aspects of the market that this collaboration aims to improve.

Notably, 21Shares is already leveraging Chainlink’s PoR functionality to provide and enhance transparency for its ARKB spot Bitcoin ETF.

ARKB, issued by ARK 21Shares, was launched in January 2024 and currently has approximately $3.2 billion in assets under management.

According to SosoValue DataARKB has recorded $2.6 billion in cumulative net inflows to date.

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