21shares Enhances CETH Transparency With Chainlink

21shares announced it has integrated Chainlink's Proof of Reserve on Ethereum mainnet to bolster the transparency of the 21shares Core Ethereum

21shares has announced the integration of Chainlink’s Proof of Reserve on the Ethereum mainnet to enhance the transparency of the 21shares Core Ethereum exchange-traded fund (ETF), also known as CETH. This move aims to provide real-time visibility into the ethereum (ETH) reserves backing the ETF.

According to a statement on Monday, the integration will leverage Chainlink’s decentralized data verification system to offer automated onchain verification and eliminate central points of failure. Investors can independently verify asset collateralization through Chainlink’s Proof of Reserve feeds, said the crypto asset manager.

“This collaboration marks a significant step towards the global adoption of digital assets,” said Johann Eid, chief business officer of Chainlink Labs, during the announcement. “21shares is playing an important role in supporting the adoption of digital assets, and the Chainlink platform is helping financial institutions realize the vision of seamless tokenization on a global scale.”

Ophelia Snyder, co-founder and president of 21shares, added:

“We are on a mission to connect traditional finance with defi, and Chainlink Proof of Reserve has already been helping to enhance the transparency of our spot Bitcoin ETP since its initial launch, making the decision to leverage Chainlink’s industry-standard reserves verification service for our spot Ethereum ETP, CETH, a no-brainer.”

The integration follows the successful implementation of Chainlink’s Proof of Reserve for the Ark Invest and 21shares Bitcoin ETF earlier this year, further highlighting 21shares’ commitment to transparency and investor confidence, the company said.

At press time, the 21shares fund CETH holds approximately 2,800 ethereum (ETH) valued at around $9.29 million using current ether exchange rates.