Enhancing Transparency and Security in the ARKB Bitcoin ETF with Chainlink Partnership 🌐
Recently, the asset managers backing the ARK Bitcoin ETF (ARKB), 21Shares, and Ark Investment, have joined forces with the decentralized oracle network Chainlink to establish a fresh benchmark for transparency and security within the realm of tokenized assets.
Chainlink’s PoR Revolutionizes Verification of ARKB Bitcoin ETF Reserves 🛡️
As announced, the key driver behind this collaboration is the implementation of Chainlink’s Proof of Reserve (PoR) solution, which offers a secure and transparent method to verify the Bitcoin reserves underlying the ARKB ETF.
- 21Shares and Chainlink are leveraging Coinbase’s data feeds for seamless and automatic updates to the on-chain reference contract with the total value of ARKB’s Bitcoin holdings.
- Johann Eid, Chief Business Officer of Chainlink Labs, expressed enthusiasm about the partnership, emphasizing the improvement in security and transparency and the empowerment of institutions and market participants through real-time data on Bitcoin reserves.
Unlocking a ‘Transparency And Security Boost’ 🔒
The collaboration brings a range of benefits, including:
- Investors in the ARKB ETF gaining access to frequent updates on BTC holdings collateralization, eliminating the need for manual verification.
- Enhanced reliability and resilience of the Proof of Reserve data through Chainlink’s oracle network, reducing central points of failure for increased security.
- Empowering investors to independently verify the asset collateralization of the ARKB ETF, setting a new standard for transparency and security in digital asset management.
Ophelia Snyder, co-founder and president of 21 Shares US, highlighted that this integration with Chainlink establishes an unparalleled level of insight and safety for investors’ holdings in ARKB, reinforcing their commitment to secure and transparent asset management.
Market Update: Bitcoin Prices and Trading Activity 📈
As of now, the leading cryptocurrency, Bitcoin, is trading at $67,960. Earlier today, it reached a one-month high of $70,000 before retracting to the current level within the last hour of trading.
Hot Take: Embracing Security and Transparency Trends with Chainlink 🚀
In a recent move, the asset managers behind the ARK Bitcoin ETF (ARKB), 21Shares, and Ark Investment have partnered with Chainlink to set a new standard for transparency and security in the world of tokenized assets.
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