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Crypto News, Jack Dorsey-led Block has launched a proof of reserves feature for Bitcoin, allowing users to verify their holdings of 8,883 BTC through on-chain signatures, worth over $680 million.
This feature applies to Block's corporate Bitcoin treasury and its two flagship products, Cash App and Square, aiming to enhance transparency and ensure customers can independently confirm their Bitcoin holdings.
Block states that the reserves are actively controlled, not just historically observed.
Since the FTX collapse, more and more crypto companies have begun adopting proof of reserves as a transparency measure.
Block has also launched a Bitkey hardware wallet and introduced a feature on Cash App that allows users to automatically convert payments into Bitcoin.