Jersey-based alternative asset manager CoinShares has partnered with accounting company The Network Firm to streamline digital asset management.
As part of this partnership, CoinShares will implement The Network Firm’s LedgerLens real-time reserves attestation solution, which is a blockchain-based system that will offer real-time attestation services for CoinShares' Exchange Traded Products (ETPs), including XBT Provider and CoinShares Physical.
This means that investors will now be able to leverage easily accessible and instant attest reports to independently verify the backing of digital assets. Furthermore, by implementing LedgerLens, CoinShares aims to foster trust in asset-backed tokens and crypto-collateralised notes by offering high-frequency reporting and insights into assets and liabilities. By increasing transparency, the company is also consolidating its compliance with both international and domestic regulatory requirements.
CoinShares officials cited by globalnewswire.com emphasised their commitment to transparency and brought up the importance of re-launching their proof-of-reserves solution with the help of The Network Firm. Representatives from The Network Firm talked about digital assets and their potential to allow for major innovations in transparency. They also emphasised the role of real-time reserves in enabling asset managers to meet the demands of consumers and the public to offer meaningful and independent transparency into their products and operations.
CoinShares is a European digital asset manager that offers a broad range of financial services across investment management, securities, trading, and consumer products to clients such as corporations, financial institutions, and individuals. The company’s main headquarters are in Jersey, but the group has also established 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.
According to Yahoo, in April 2023, the Board of Directors of CoinShares has implemented a share buy-back program to repurchase shares on the Nasdaq Stockholm Market from 4 April 2023 to 30 May 2023 for a total maximum amount of SEK 25 million. The decision to implement this share buy-back program was taken following the Board's review of the company's capital structure and was implemented for the purpose of reducing the capital of the company.
Yahoo further reports that the share buy-back program is carried out in accordance with the Market Abuse Regulation (EU) No 596/2014 (‘MAR’) and the Commission Delegated Regulation (EU) No 2016/1052 (the Safe Harbour Regulation).
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