ARK/21Shares Bitcoin ETF Update with Chainlink’s Proof of Reserve

ARKB asset managers, 21Shares and Ark Investment, have partnered with Chainlink to enhance transparency and security in tokenized assets.

Chainlink’s Proof of Reserve for ARKB Bitcoin ETF

The integration involves Chainlink’s Proof of Reserve (PoR) to verify the Bitcoin reserves supporting the ARKB ETF, using Coinbase data feeds for real-time updates.

Johann Eid from Chainlink Labs noted the collaboration’s significance in boosting security and transparency for ARKB. This move aims to facilitate wider access to tokenized assets while ensuring data integrity.

Enhanced Transparency and Security

Investors in the ARKB ETF will benefit from regular updates on BTC collateralization without manual verification. The use of Chainlink’s oracle network will enhance the reliability of Proof of Reserve data, promoting system durability and trust.

Chainlink’s Proof of Reserve will allow independent verification of asset collateralization in the ARKB Bitcoin ETF, offering investors unprecedented transparency and security. Ophelia Snyder of 21 Shares US highlighted the partnership’s commitment to setting a new standard in digital asset management.

Bitcoin is currently trading at $67,960, having briefly peaked at $70,000 in the early hours of Monday.

Image credit: DALL-E, chart source: TradingView.com