Hoseki, a leader in Bitcoin and blockchain verification solutions, has unveiled Hoseki Verified, a new verification product aimed at enhancing transparency and trust in the cryptocurrency industry, with a focus on spot Bitcoin exchange-traded fund (ETF) asset verification, according to a press release sent to Bitcoin Magazine.
This public dashboard aims to set a new industry standard for verification, offering both retail and institutional investors full visibility into the BTC holdings of these funds.
Hoseki Verified intends to provide real-time verification of bitcoin held in custody by spot Bitcoin ETF issuers and other financial institutions. The public dashboard, accessible to all, displays verified bitcoin holdings with custodians such as Coinbase, BitGo, and Gemini, according to the release, offering a level of transparency previously unavailable in the industry.
“In the world of institutional investing, transparency isn’t just a value-add; it’s a fundamental necessity,” said Hoseki CEO Sam Abbassi. “As the crypto market matures, investors demand higher standards of clarity and accountability. Hoseki Verified meets this need by providing an unwavering level of digital asset verification, ensuring that every Spot Bitcoin ETF adheres to the highest standards of transparency and integrity.”
Asset management firm and spot Bitcoin ETF issuer Bitwise (BITB), has embraced this initiative as the first participant. In January, Bitwise first provided transparency regarding its Bitcoin ETF when it published the bitcoin addresses of its ETF holdings, taking lead in setting a new precedent for asset transparency amongst the ETF issuers. By partnering with Hoseki Verified, Bitwise is reinforcing its dedication to investor confidence and security.
“We deeply care about Bitcoin and its core value propositions, amongst them being audibility and public transparency, which is why we’ve taken the initiative in being public about our on-chain assets and why we are thrilled to be working with Hoseki to make the public transparency work we’ve already done even more robust,” explained Bitwise CTO Hong Kim.
Hoseki Verified is not just limited to Bitwise; it welcomes and invites other entities in Bitcoin to join this initiative to create a more transparent Bitcoin investment landscape. With Hoseki Verified, investors can verify the integrity and transparency of these investment vehicles, ultimately contributing to a healthier and more trustworthy financial ecosystem.
Credit: Source link