For its spot Bitcoin ETF, Ark 21Shares’s ARKB has incorporated Chianlink’s proof of reserves. The move comes as the firm incorporates transparency and better functionality for investors. The integration also comes at a time when a higher demand for Bitcoin ETFs has spurred investors to jump on the crypto bandwagon.

ARKB Incorporates Chainlink’s Proof of Reserves

According to a statement, to improve the transparency of the Bitcoin reserves supporting the ARK 21Shares Bitcoin ETF, 21Shares has integrated the industry-standard Chainlink Proof of Reserve on the Ethereum mainnet. The move has followed Chainlink’s track record of securely delivering 11.8 billion data points on-chain. Chainlink has also enabled over $9 trillion in total value for decentralized markets.

Additionally, the integration will now provide full visibility into ARKB’s Bitcoin reserves. Improved security features, like as cold storage, multi-sig protocols, and segregated wallets, guarantee that these assets are transparent yet safe, preserving asset integrity and fostering investor confidence.

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Investor Security Takes Precedence as Bitcoin ETFs Grow in Demand

As Bitcoin ETFs see a surge in demand, more financial asset providers are keeping customer security as a priority. The move is usually aimed at luring more customers into buying a desired product list. It additionally makes the system more secure.

Ark 21Share’s current move also aligns with the same idea of providing additional benefits to its customers. Today’s released statement further highlighted that now that ARKB’s reserve history and underlying Bitcoin reserve are accessible to the public. The move also focuses on investors being more assured that ARKB is entirely backed by Bitcoin holdings. This PoR feed is a particular kind of off-chain reserves feed that obtains data on reserves straight from Coinbase. Coinbase can determine the entire amount of reserves and report the information on-chain via Chainlink oracles since it has direct access to the accounts or vaults containing the reserve assets.

Bitcoin ETFs See Growing Demand: What to Expect for the Future?

These Bitcoin ETFs‘ robust trading activity shows that investor sentiment toward the asset is getting stronger. This shows that an increasing number of investors are joining the ETF bandwagon. The introduction has also helped overcome the initial gap that separated digital currencies from traditional regulated markets.

Proponents of cryptocurrencies and ETF professionals alike concur that BTC ETFs are outperforming key trading metrics. The market size and assets under management for Bitcoin ETFs are expected to rise in the future. All recently introduced exchange-traded funds (ETFs) have now been assessed by the market to offer investors high short-term returns and long-term sustainability. Furthermore, the market’s outlook projects a much higher $10–$15 billion influx into BTC Spot ETFs in 2024 than was originally projected.

 

The post Just In: Ark 21Shares Bitcoin ETF (ARKB) Adopts Chainlink Proof of Reserve appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am