Share
SYDNEY, September 5, 2024 — Monochrome Asset Management today announced that the Monochrome Bitcoin ETF (Ticker: IBTC) will be the first Australian spot Bitcoin ETF to implement proof-of-reserves verification. This initiative is made possible through a strategic partnership with Hoseki, a leading global provider of Bitcoin verification services, reinforcing Monochrome’s commitment to transparency and investor security.
Hoseki’s advanced verification process; Hoseki Verified, will enable Monochrome to deliver daily proof-of-reserves for IBTC’s bitcoin holdings, ensuring that the assets are transparent and independently verified. This ongoing auditing process represents a new industry benchmark in Australia, providing investors with verifiable assurance that their Bitcoin holdings within IBTC are secure and fully backed. See Monochrome’s dedicated Hoseki Verified page here.
"Proof of reserves is important for establishing full operational transparency of a Bitcoin ETF," said Jeff Yew, CEO at 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.”
The partnership between Monochrome and Hoseki aligns with our unique capability to facilitate direct bitcoin applications and redemptions. It will ensure that the privacy and security of our investors are fully protected without the need to publicly disclose wallet addresses. This collaboration reflects our commitment to safeguarding investor interests while maintaining the highest levels of transparency.
Hoseki will ensure that IBTC’s bitcoin holdings undergo an independent, real-time verification process, providing clear, verifiable proof of assets.
"Transparency and trust are foundational to any successful financial product," said Sam Abbassi, CEO at Hoseki. "Our collaboration with Monochrome exemplifies these principles, and we are proud to support IBTC in setting new standards for Bitcoin ETFs in Australia
By adopting proof-of-reserves verification, Monochrome continues to set the highest standards in the Australian crypto-asset market. This initiative not only strengthens investor confidence but also promotes broader adoption of rigorous transparency measures across the industry.
About Hoseki
Hoseki is a leader in blockchain verification solutions and is dedicated to enhancing transparency and trust in the cryptocurrency market. With both institutional and consumer-level products, Hoseki is committed to delivering cutting-edge technology and robust verification standards that meet the complex needs of modern investors.
About Monochrome
Monochrome Asset Management is a leading asset management firm specialising in digital assets. The firm is committed to providing innovative investment solutions that meet the highest standards of security and regulatory compliance. For more information about the Monochrome Bitcoin ETF (IBTC), visit ibtc.au.
Monochrome Asset Management
Related Articles
