RiverA leading U.S. Bitcoin Exchange has launched River Proof of Reserves We provide our clients with verified testimonials proof This ensures that all Bitcoins held by the customer are reserved. It sets a high standard of transparency for the industry, after failures by exchanges including FTX shook trust among consumers.
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’s new service allows users to verify independently whether their Bitcoins are in full-reserve. cold storage. River has secured over $800,000,000 worth of Bitcoins for its customers.
Leishman: “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 leading to the failure of banks and destabilising fiat currency. It could be that more Bitcoin exchanges proving full reserves will restore trust in intermediaries and stop dangerous leverage.
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Source: bitcoinmagazine.com