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.
Online payments firm Block has launched proof-of-reserves for its corporate Bitcoin treasury and two of its flagship products, Cash App and Square, joining a growing list of crypto companies proving their holdings onchain.
“People shouldn’t have to trust that their bitcoin is there, they should be able to verify it,” the Jack Dorsey-led company said in a post to X after announcing the proof-of-reserves feature and other new offerings in Las Vegas on Monday.
Block said anyone can “independently confirm Block’s holdings” through on-chain signatures. “Reserves are actively controlled, not just historically observed,” it added.
