Block introduces proof-of-reserves system and increases Bitcoin treasury holdings
Here's what it means for you.
Block's latest initiatives may set a new standard for transparency in the cryptocurrency sector.
What happened
Block announced a proof-of-reserves system and added to its Bitcoin treasury.
The Context
- Block's treasury now totals 8,997 BTC after a recent addition of 114 BTC.
- The proof-of-reserves allows verification of Block's Bitcoin holdings through an on-chain signature.
- Block is also offering 5% Bitcoin cash back at Square merchants.
Takeaway
As Block continues to integrate Bitcoin into its business model, it may set a precedent for other companies in the payments industry.
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Jack Dorsey's Block nears 9,000 bitcoin in treasury after Q1 addition
Jack Dorsey's Block has increased its corporate treasury by adding 114 BTC, bringing its total holdings to 8,997 BTC. The company has announced plans to issue regular third-party reports to enhance transparency regarding its cryptocurrency assets.
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Dorsey's Block unveils Bitcoin proof-of-reserves in transparency move
Block, led by Jack Dorsey, has introduced a proof-of-reserves system that allows public verification of its Bitcoin holdings, which total 8,883 BTC valued at over $680 million. This initiative aims to enhance transparency in the company's digital ass...