Block Unveils Proof-of-Reserves to Boost Transparency

As part of a series of new offerings, online payments firm Block has introduced proof-of-reserves for its corporate Bitcoin treasury and two flagship products, Cash App and Square. This move is aimed at increasing transparency and security for customers by allowing them to verify the company's holdings independently.

The feature is made possible through on-chain signatures, which enable users to confirm Block's reserves in real-time. According to Block's balance sheet, its corporate Bitcoin treasury holds 8,883 Bitcoins worth approximately $681.4 million, making it the 14th-largest corporate holder of Bitcoin.

Block's adoption of proof-of-reserves is part of a broader trend in the crypto industry, with major exchanges such as Binance and Kraken already implementing similar measures. This development comes after the collapse of FTX in November 2022, which highlighted the importance of transparency and security in the sector.