The post Bitcoin ETF Transformation: ARK/21Shares Integrates Chainlink’s PoR For Major Update appeared on BitcoinEthereumNews.com.

In a recent move, the asset managers behind the ARK Bitcoin ETF (ARKB), 21Shares and Ark Investment, have announced a partnership with the decentralized oracle network Chainlink to set a “new standard” for transparency and security in the world of tokenized assets. Chainlink’s PoR To Verify ARKB Bitcoin ETF Reserves As announced on Monday, the driver behind this integration is the adoption of Chainlink’s Proof of Reserve (PoR) solution, which is said to provide a secure and transparent way to verify the underlying Bitcoin reserves backing the ARKB ETF.  The asset managers, together with the Chainlink network, announced that by tapping directly into Coinbase’s data feeds, Chainlink’s PoR can automatically update the on-chain reference contract with the total value of ARKB’s Bitcoin holdings. Johann Eid, Chief Business Officer of Chainlink Labs, said: We’re excited to collaborate with 21Shares as they help to reimagine the way that the world interacts with tokenized assets and scale accessibility to the masses. By providing real-time, tamper-proof data on Bitcoin reserves, Chainlink Proof of Reserve is not just enhancing the security and transparency of the ARK 21Shares Bitcoin ETF, but also empowering institutions and market participants with the confidence to actively engage with on-chain finance. ‘Transparency And Security Boost’ The benefits of this integration were further detailed in the announcement, starting with the fact that investors in the ARKB ETF will be able to access “frequent updates” on the collateralization of the underlying BTC holdings, eliminating the need for manual verification. Second, Chainlink’s oracle network is expected to help ensure the reliability and resilience of the Proof of Reserve data. The parties believe that by eliminating central points of failure, the system will be able to deliver trusted on-chain updates at all times, resulting in increased overall security for the ARKB Bitcoin ETF. Perhaps most…

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Filed under: News - @ July 30, 2024 3:26 pm