Monochrome Asset Management has announced the launch of its new website. Monochrome Bitcoin ETF IBTC is implementing a proof-of reserve verification via a new partnership. Hoseki. IBTC is the first Australian Bitcoin ETF that has adopted such measures of transparency.
Monochrome launched in early this year. Bitcoin ETF The fund is now collaborating with Hoseki to provide daily proof-of-reserves for its Bitcoin holdings. Hoseki, the fund’s partner in proving daily reserves for Bitcoins held by the fund, is working with it.
Hoseki’s Advanced Verification Process Hoseki Monochrome will be able to provide independently verified proof that all investor assets have been 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 claims that Hoseki’s integration aligns perfectly with the unique capabilities of its direct Bitcoin application and redemption, maintaining privacy without compromising transparency.
Hoseki, a leader in Bitcoin verification services, will verify that IBTC’s Bitcoin holdings match the stated amounts. The investors will be able to see the assets clearly. It may encourage a broader adoption by Bitcoin ETFs of more rigorous verification methods.
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Source: bitcoinmagazine.com
