Jack Dorsey’s Block Launches Bitcoin Proof-of-Reserves
Block, led by Jack Dorsey, has launched proof-of-reserves for its Bitcoin treasury, Cash App, and Square to allow independent verification of holdings.Summary
Online payments firm Block, under Jack Dorsey's leadership, has introduced a proof-of-reserves feature for its corporate Bitcoin treasury, Cash App, and Square. This move allows users to independently verify Block's Bitcoin holdings through on-chain signatures, aiming to enhance transparency and trust in the crypto space. The company stated that reserves are actively controlled and not just historically observed. This initiative follows the collapse of FTX, which spurred increased adoption of proof-of-reserves as a measure to assure customers of the security and backing of their assets. Block's treasury holds 8,883 Bitcoin, valued at $681.4 million. The company also launched a Bitkey hardware wallet and new features for Cash App, including automatic Bitcoin conversion and increased withdrawal limits, alongside Bitcoin cashback rewards at Square merchants.
(Source：Cointelegraph)