21Shares Partners With Chainlink for More Transparent Ethereum ETF

21Shares, one of the most prominent issuers of crypto exchange-traded products in the world, has integrated Chainlink’s proof-of-reserve (PoR) system. The goal is to enhance the transparency of its Core Ethereum exchange-traded fund (ETF).

The system serves to augment trust

21Shares has integrated Chainlink’s system to increase trust in its spot ether ETF. The integration could contribute to digital assets going mainstream. According to Johann Eid, chief business officer of Chainlink Labs, 21Shares is playing a crucial role in the support of digital asset adoption. Chainlink is assisting financial institutions in realizing the vision of seamless global tokenization.

The PoR system will offer a reserve history and real-time reserve data, available as a publicly verifiable feed. Coinbase will be the direct source of data.

Landmark decision to approve ether ETFs is now fact

The partnership has become fact a week after the launch of the first spot ether ETFs in the US, which took place on July 23. The SEC’s landmark decision to approve the first batch of spot ether ETFs was a watershed moment for cryptocurrency adoption. According to Farside Investors, 21Shares’ fund had attracted net inflows of $7.5 million by July 29.

21Shares president Ophelia Snyder believes the approval could bring the industry one step closer to the mainstream integration of decentralized finance in payments. She stated that the regulator’s approval of spot Ethereum ETFs is further proof of crypto’s global adoption and momentum. It brought the industry one step closer to its goal to bridge the gap between decentralized and traditional finance.

The news comes after 21Shares integrated Chainlink’s PoR solution for its spot Bitcoin ETF. According to Snyder, the new integration into the Ether ETF was “a no-brainer.”

The landmark approval in the US, the world’s largest economy, could pave the way for more crypto ETFs in the US and abroad. In related news, SBI Holdings and Franklin Templeton formed a new crypto ETF management company. The joint venture might launch a crypto ETF in Japan if regulators permit. It will provide a diversified range of investment solutions, including Franklin Templeton’s existing ETFs.

Franklin Templeton is also considering starting a spot Solana ETF, considering how popular SOL is becoming.