ARK Bitcoin ETF partners with Chainlink, is link going to take off?

21Shares and Ark Investment, the asset management companies behind the ARK Bitcoin ETF (ARKB), announced a partnership with Chainlink, a decentralized oracle network. Their goal is to set a "new standard" for transparency and security in the tokenized asset space.

To achieve this goal, they adopted Chainlink's Proof of Reserve (PoR) solution. This solution is said to be able to securely and transparently verify the underlying Bitcoin reserves that support the ARKB ETF. By directly integrating with Coinbase's data feed, Chainlink's PoR can automatically update the on-chain reference contract of the total value of ARKB's Bitcoin assets.

There are many benefits to this partnership.

First, investors in the ARKB ETF will be able to "frequently update" the collateralization of the underlying BTC holdings without manual verification.

Second, Chainlink's oracle network helps ensure the reliability and resilience of the Proof of Reserve data, thereby improving the overall security of the ARKB Bitcoin ETF.

Most importantly, Chainlink's Proof of Reserve will bring unprecedented transparency to the ARKB Bitcoin ETF, allowing investors to independently verify the collateralization of the ARKB ETF's assets.

Ophelia Snyder, co-founder and president of 21Shares US, said that this collaboration sets a new standard for the combination of transparency and security in digital asset management, providing ARKB investors with unparalleled insight and security, and further demonstrates 21Shares' commitment to leading secure and transparent asset management.

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