RiverThe leading Bitcoin exchange in the United States has now launched River Proof of Reserves To provide customers with verifiable evidence that their Bitcoins are reserved. It sets a high standard of transparency for the entire industry, after failures by exchanges including FTX shook consumers’ trust.
River Alex Leishman is the CEO, “River Proof of Reserves is about more than verifying our balances; it’s about reinforcing River’s commitment to integrity and long-term client trust.” Then, he added: “Our goal is to build unshakable trust with our clients. Proof of Reserves is the gold standard for Bitcoin custody.”
River now allows customers to confirm independently that their Bitcoin is in full reserve by using the new multi-signature feature. cold storage. River secures Bitcoin worth over $850 million for clients.
Leishman is quoted as saying: “We’re leading by example by proving every month that your Bitcoin is exactly where we say it is.” He encouraged industry leaders to use similar standards of transparency to restore trust after recent failures.
This transparency will also stop fractional reserve practice from destroying fiat currencies or causing failures of banks. The full reserve of more Bitcoin Exchanges could help restore confidence in the intermediary system and reduce dangerous leverage.
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Source: bitcoinmagazine.com
