CoinShares (Nasdaq Stockholm: CS), an alternative asset manager specializing in digital assets, has announced “the implementation of LedgerLens, a real-time reserves attestation solution provided by independent accounting firm, The Network Firm.”
This blockchain-enabled solution “will offer real-time attestation services for CoinShares’ Exchange Traded Products (ETPs), including XBT Provider and CoinShares Physical, enabling investors to independently verify the backing of digital assets through easily accessible and instant attest reports.”
CoinShares‘ dedication “to providing tailored investment products with enhanced security, transparency, and trust in the digital asset market is reinforced by enabling independent real-time asset verification.” This commitment was first “demonstrated in 2020 with the implementation of the now-terminated TrustExplorer solution, also provided by an independent accounting firm, Armanino LLP.”
The LedgerLens solution, “implemented by CoinShares, enhances trust in asset-backed tokens and crypto-collateralized notes by offering high frequency reporting and insights into assets and liabilities, including historical positions.”
This increased transparency “facilitates compliance with both international and domestic regulatory requirements, further solidifying CoinShares’ standing as a reliable leader in the digital asset investment sector.”
Richard Nash, CoinShares’ Chief Financial Officer commented:
“CoinShares has always championed the importance of trust and transparency. We are happy to announce that we are re-launching our proof-of-reserves solution with the help of The Network Firm and the same, trusted team of individuals we have been working alongside for nearly three years. We see this solution as part of our overall commitment to transparency which is of course a fundamental requirement and benefit of our listed status.”
The Network Firm’s Partner and CEO, Noah Buxton added:
“Digital assets allow for major innovations in transparency, which have largely been unrealized over the history of digital assets and the financial industry products based on public blockchains. While real-time reserves reporting is not a panacea to all trust problems in the market today, it does empower asset managers to meet the demands of consumers and the public to offer additional, meaningful, frequent, and independent transparency into their products and operations.” Buxton highlighted that, “With innovative financial products and the increasing complexity of global capital markets comes the need for innovative attest and transparency tools.”
As noted in the update, CoinShares claims it is “the leading European digital asset manager that delivers a broad range of financial services across investment management, trading, securities, and consumer products to a wide array of clients that includes corporations, financial institutions, and individuals.”
The Group is “headquartered in Jersey, with a presence in France, Sweden, the UK, and the US.”
CoinShares is “regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Financial Industry Regulatory Authority.’
CoinShares is publicly listed “on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.”