Australian Bitcoin ETF Partners With Hoseki To Introduce Proof of Reserves

Australia's Monochrome Bitcoin ETF partners with Hoseki to offer daily proof-of-reserves, becoming the first in the country to do so.

Deniz Saat

September 09, 2024 @ 12:46 PM PT

Monochrome Asset Management has announced that its Monochrome Bitcoin ETF (IBTC) will implement proof-of-reserves verification through a partnership with Hoseki.

Monochrome has partnered with @hosekiapp to implement proof-of-reserves verification.

The Monochrome Bitcoin ETF (Ticker: IBTC) will be the 1st Australian Bitcoin ETF to provide investors with independent, real-time proof of bitcoin holdings.

Read more🔗https://t.co/TQZWYfBuGE
— Monochrome (@MonochromeAsset) September 9, 2024

IBTC is the first Australian spot Bitcoin ETF to introduce this transparency measure.

Launched earlier this year, the Monochrome Bitcoin ETF has accumulated 134 Bitcoin, valued at over AUD 11 million.

The partnership with Hoseki will provide daily proof-of-reserves for the ETF's Bitcoin holdings.

Hoseki’s verification system, Hoseki Verified, will offer independent confirmation that all investor assets are accounted for.

This ongoing auditing process aims to enhance transparency within the Australian Bitcoin ETF sector.

Monochrome has also stated that the Hoseki integration supports their process for direct Bitcoin applications and redemptions, maintaining privacy while ensuring transparency.

Hoseki, a Bitcoin verification provider, will offer real-time validation of IBTC’s Bitcoin reserves.

This move could encourage the adoption of more rigorous verification practices across the Bitcoin ETF landscape.