Ethereum

Reserve Dollar

Verify

Chainlink

Reserve

21Shares has integrated Chainlink’s Proof of Reserve on the Ethereum mainnet to increase transparency about ETH reserves supporting the 21Shares Core Ethereum ETF (CETH), to affirm CETH as a true holder of Ether (ETH), the second-largest crypto by market cap. 
<h2 id="strong-21shares-to-verify-ethereum-etf-reserves-strong">21Shares to Verify Ethereum ETF Reserves</h2> 
According to the report, Chainlink got chosen by 21Shares because of its widely accepted decentralized platform for computation. The integration of Chainlink’s Proof of Reserve gives complete visibility to ETH reserves underlying CETH. 
Thus, investors have real-time reserve data and history through an off-chain feed that pulls data directly from <a href="https://coingape.com/tag/coinbase/">Coinbase</a>. Consequently, it ensures that CETH’s collateralization is transparent and secure, owing to the total value of more than $12 trillion, which is enabled in on-chain markets by the Chainlink platform. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Exciting news! 21Shares has integrated <a href="https://twitter.com/chainlink?ref_src=twsrc%5Etfw">@Chainlink</a> Proof of Reserve (PoR) on Ethereum to increase the transparency of the 21Shares Core Ethereum ETF’s (CETH) reserves. 
 This integration of Chainlink's Proof of Reserve ensures investors have real-time visibility into the Ethereum… <a href="https://t.co/OivK5OASPS">pic.twitter.com/OivK5OASPS</a> 
 — 21Shares US (@21shares_us) <a href="https://twitter.com/21shares_us/status/1817930522288689579?ref_src=twsrc%5Etfw">July 29, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
According to CEO Johann Eid, who works at Chainlink Labs, this partnership is critical to enhancing transparency in this industry as well as promoting the adoption of digital assets. Eid further said that this integration will enable financial institutions to achieve a worldwide seamless tokenization. 
<h2 id="strong-benefits-of-chainlink-proof-of-reserve-strong">Benefits of Chainlink Proof of Reserve</h2> 
This move comes after the approval of the first <a href="https://coingape.com/ethereum-etf-launch-attracts-2-2-billion-inflows-but-heres-the-catch/">spot Ethereum ETFs</a> in the United States, which began trading on July 23. Previously, in Jan 2024, 21Shares included Chainlink Proof of Reserve in their spot Bitcoin ETF (ARKB) and now has $3.2 billion under management. After they successfully implemented BTC reserves they have sought out additional methods using their Ether ETF which continue to foster confidence and openness among investors. 
Thus, Chainlink Proof of Reserve offers several benefits including automated on-chain verification, decentralization, and transparency. By incorporating automated on-chain verification into a reference contract with up-to-date data allows for automated logic to be built by both investors and protocols based on changes in CETH’s collateralization state. 
In addition, the decentralized aspect behind Chainlink Proof Of Reserve enables updating without any central points thereby providing reliable information pertaining to CETH’s collateralization on the chain. Furthermore, this transparency allows anyone to monitor Proof of Reserve feeds in near real-time, wchich allows independent verifications of asset collateralization. 
Concurrently, <a href="https://coingape.com/blackrock-confronts-crypto-scams-after-ethereum-etf-launch-whats-happening/">BlackRock</a> has warned about an increase in investment-related scams, particularly those involving cryptocurrency investment websites and social media platforms such as WhatsApp or Telegram. Consequently, as per a Coingape report, the company emphasized that neither BlackRock nor its executives solicit investments or payments via social media. In addition, BlackRock advised the public to remain vigilant and avoid proceeding with suspicious activities. 
Read Also: <a href="https://coingape.com/will-neiro-get-similar-popularity-like-shiba-inu-dog-kabosu/">Will Neiro Get Similar Popularity Like Shiba Inu Dog Kabosu</a> 
The post <a href="https://coingape.com/21shares-integrates-chainlink-to-verify-ethereum-etf-reserves/">21Shares Employs Chainlink to Verify Ethereum ETF Reserves</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

21Shares Employs Chainlink to Verify Ethereum ETF Reserves

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