Dorsey's Block unveils Bitcoin proof-of-reserves in transparency move
Block’s proof-of-reserves will enable anyone to verify the company’s 8,883 Bitcoin stash worth over $680 million through an on-chain signature....
Key takeaways
- 1Block holds 8,883 Bitcoin worth $681.4 million, verifiable through on-chain proof-of-reserves signatures.
- 2Block launched proof-of-reserves for corporate Bitcoin treasury, Cash App, and Square after FTX collapse drove adoption.
- 3Block introduced Bitkey hardware wallet, 5% Bitcoin cashback at Square merchants, and raised withdrawal limits to $10,000/day.
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Why it matters
Proof-of-reserves transparency measures are becoming industry standard post-FTX, building investor confidence in crypto platforms' actual holdings. For Indian retail investors, Block's move signals institutional-grade security practices and mainstream Bitcoin adoption efforts through payment integration.
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