Block Introduces Proof-of-Reserves for Corporate Treasury

Block, a financial technology company led by Jack Dorsey, has taken a significant step towards increasing transparency in the crypto industry. The company has introduced proof-of-reserves for its corporate Bitcoin treasury and two of its major products, Cash App and Square.

This move is aimed at reassuring customers that funds are fully backed and secure. Block's proof-of-reserves system allows users to verify the company's Bitcoin holdings through on-chain signatures, ensuring that assets exist and are under the company's control in real time.

The initiative covers 8,883 Bitcoins, valued at approximately $681.4 million, making Block the 14th-largest corporate Bitcoin holder globally.