Chainlink integration adds transparency to 21Shares Ether ETF

Zoltan Vardai10 hours agoChainlink integration adds transparency to 21Shares Ether ETFThe integration aims to create more transparency for 21Shares’ Ether ETF, which could create more trust among investors.1309 Total views8 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networks21Shares has integrated Chainlink’s proof-of-reserve (PoR) system to create more transparency for its Core Ethereum exchange-traded fund (ETF).

21Shares, one of the world’s largest issuers of crypto exchange-traded products (ETPs), aims to build greater trust in its physically-backed Ether (ETH) ETF by integrating proof of reserves.

The transparency created by the new integration could further the path of digital asset adoption, according to Johann Eid, the chief business officer of Chainlink Labs, who wrote in a shared statement:“21Shares is playing an important role in supporting the adoption of digital assets, and the Chainlink platform is helping financial institutions realize the vision of seamless tokenization on a global scale.”

The PoR system will offer real-time reserve data and a reserve history, available as a publicly verifiable feed that pulls data directly from the Coinbase exchange.

The integration comes a week after the launch of the first spot Ether ETFs in the United States, which went live for trading on July 23.

Related:BlackRock Bitcoin ETF inflows surpass ‘magnificent 7’ stocks as trader eyes $88KUS Ether ETF approval brings us one step closer to DeFi adoption

The approval of the first batch of US spot Ether ETFs is considered a historic moment for cryptocurrency adoption.

The approval could bring the industry one step closer to the mainstream adoption of decentralized finance in payments, according to Ophelia Snyder, the co-founder and president of 21Shares. She wrote:“US approval of a spot Ethereum ETF serves as further evidence of crypto’s global momentum and adoption, bringing us one step closer to our mission to bridge the gap between traditional finance and decentralized finance.”

21Shares has previously integrated Chainlink’s PoR solution for its spot Bitcoin (BTC) ETF since its initial launch, which is why the new integration into the Ether ETF was “a no-brainer,” according to Snyder.

Related:Record $39.4B Bitcoin open interest suggests imminent price breakoutEther ETFs are opening the floodgates to more crypto ETFs

The pivotal approval of Ether ETFs in the world’s largest economy could open the floodgates for more crypto ETFs, including in other global jurisdictions.

In another notable development, Franklin Templeton and SBI Holdings have jointly formed a new crypto ETF management company, Cointelegraph reported on July 26.

The new joint venture may be looking to launch a crypto ETF in Japan, once the regulatory framework permits, a Franklin Templeton spokesperson told Cointelegraph:“It is expected that the joint venture will provide a diversified range of investment solutions, including Franklin Templeton’s existing ETFs. As regulations on digital assets and cryptocurrencies continue to evolve in Japan, the new JV will launch related products subject to regulatory approval.”

Franklin Templeton is also exploring the possibility of launching a spot Solana (SOL) ETF, thanks to the cryptocurrency’s growing adoption.

Magazine:Trump’s Bitcoin push, spot Ether ETF debut, and more: Hodlers Digest, July 21-27# Bitcoin# Ethereum# Adoption# Bitcoin Adoption# Ethereum ETF# Bitcoin ETF# ETFAdd reaction