Monochrome Asset Management announces its launch Monochrome Bitcoin ETF The IBTC will be implemented proofVerification of reserves through a partnership with Hoseki. IBTC becomes the first Australian Bitcoin ETF spot to implement such measures.
Monochrome launched in early this year. Bitcoin ETF Has seen steady inflows of over AUD11 million worth 134 Bitcoin. Hoseki and the fund are now working together to provide daily proofReserves are held by the company for their Bitcoin.
Hoseki’s advanced verification system Hoseki Monochrome can provide independent verification that the assets of investors are fully accounted. The ongoing auditing raises the bar for transparency of Australian Bitcoin ETFs.
“Proof of reserves is important for establishing full operational transparency of a Bitcoin ETF,” Jeff Yew is the CEO of Monochrome Asset Management. “Our partnership with Hoseki highlights our commitment to setting the highest standards for integrity and reliability in Bitcoin ETFs, setting a precedent for the industry.”
Monochrome says that the Hoseki Integration is also in line with their unique ability to accept Bitcoin directly and redeem it, which ensures privacy, while still maintaining transparency.
Hoseki, a leader in Bitcoin verification services will verify that IBTC’s Bitcoin holdings match the stated amounts. It provides clear proof Assets to Investors. This initiative could lead to a wider adoption of strict verification measures in the Bitcoin ETF market.
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Source: bitcoinmagazine.com