Monochrome Asset Management has announced a groundbreaking move by partnering with Hoseki to implement proof-of-reserves for its Monochrome Bitcoin ETF (IBTC). This development makes IBTC the first Australian spot Bitcoin ETF to offer daily verification of its Bitcoin holdings, setting a new transparency standard for Bitcoin investment products in the country.
Australia’s Monochrome #Bitcoin ETF partners with Hoseki to become the first in the country to offer daily proof-of-reserves, ensuring transparency and real-time verification of Bitcoin holdings. pic.twitter.com/t1aCfMB4qP
— TFTC (@TFTC21) September 9, 2024
The Monochrome Bitcoin ETF, launched earlier this year, currently holds 134 Bitcoin, valued at over AUD 11 million. With this new partnership, Monochrome aims to provide its investors with additional confidence by utilizing Hoseki’s verification service, "Hoseki Verified."
"Proof of reserves is important for establishing full operational transparency of a Bitcoin ETF," said Jeff Yew, 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."
Hoseki’s verification process will provide real-time validation of Monochrome’s Bitcoin reserves, ensuring that they match the ETF’s stated holdings. The initiative aims to safeguard investor interests without requiring public disclosure of wallet addresses.
Sam Abbassi, CEO of Hoseki, emphasized the importance of transparency in financial products. "Transparency and trust are foundational to any successful financial product. Our collaboration with Monochrome exemplifies these principles, and we are proud to support IBTC in setting new standards for Bitcoin ETFs in Australia."
