21Shares Integrates Chainlink's Proof-of-Reserve for Crypto ETPs

IconCryptoNewsTerminal Staff29 Jul, 2024

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21Shares Integrates Chainlink's Proof-of-Reserve for Crypto ETPs

Chainlink, a leading provider of oracle solutions, has partnered with 21Shares, an issuer of crypto exchange-traded products (ETPs), to implement Chainlink’s proof-of-reserve (PoR) solution for 21Shares’ ETH physically-backed ETP (CETH). This integration will allow 21Shares to provide secure and transparent proof of the reserves backing its CETH product, which represents ownership of physical ETH held by a regulated custodian, Coinbase. The integration will enable independent verification of the CETH reserves on-chain, enhancing trust and confidence among investors. By leveraging Chainlink’s PoR solution, 21Shares aims to bring greater transparency and credibility to the crypto ETP market. The integration is a significant step towards establishing industry-wide standards for reserve verification and ensuring the integrity of crypto ETPs. ```

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