Block Unveils Proof-of-Reserve Transparency for Bitcoin Holdings

Block, the leading online payment provider, has taken a step towards greater transparency by introducing proof-of-reserves for its corporate Bitcoin treasury and two main products: Cash App and Square. This feature allows users to independently verify Block's holdings using on-chain signatures, providing reassurance that their assets are fully supported.

The move is part of a growing trend among cryptocurrency firms to demonstrate their holdings onchain, following the collapse of FTX in November 2022. Other significant exchanges, such as Kraken and Binance, have also implemented proof-of-reserves disclosures. However, Strategy, one of the largest corporations holding Bitcoin, has yet to provide a similar measure.