River Secures Over $800 Million Worth of Bitcoin, Launches Proof of Reserve
River launched a transparency tool proving it holds over $800 million worth of Bitcoin in full reserve custody. The U.S. exchange aims to rebuild trust after failures like FTX with its new River Proof of Reserves.
River, a leading U.S. Bitcoin exchange, has launched River Proof of Reserves to provide clients with verifiable proof that their Bitcoin holdings are fully reserved. This sets a new transparency standard for the industry after recent failures of exchanges like FTX shook consumer trust.
River CEO Alex Leishman stated, "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." He added, "Our goal is to build unshakable trust with our clients. Proof of Reserves is the gold standard for Bitcoin custody."
The new feature allows clients to independently confirm that River holds their Bitcoin in full reserve multi-sig cold storage. River currently secures over $800 million worth of Bitcoin for its clients.
According to Leishman, "We're leading by example by proving every month that your Bitcoin is exactly where we say it is." After recent failures, he encouraged the industry to adopt similar transparency standards to rebuild trust.
The added transparency also prevents fractional reserve practices from destabilising fiat currencies and leading to bank failures. If more Bitcoin exchanges prove full reserves, it could restore faith in intermediaries while stopping dangerous leverage in the system.
What's Your Reaction?
