Riverone of the leading US bitcoin exchanges, has launched River Reserves Test Providing customers with verifiable proof that their bitcoin holdings are fully reserved. This sets a new standard of transparency for the industry after recent failures of exchanges like FTX shook consumer confidence.
River CEO Alex Leishman said: “River Proof of Reserves is about much more than verifying our balances; it’s about reinforcing River’s commitment to integrity and long-term customer trust.” He added: “Our goal is to build unwavering trust with our customers. Proof of Reserves is the gold standard for bitcoin custody.”
The new feature allows customers to independently confirm that River is holding their bitcoins in fully-reserved, multi-signature cold storage. River currently protects over $800 million worth of bitcoins for its customers.
According to Leishman, “We are leading by example by proving every month that your bitcoin is exactly where we say it is.” After the recent failures, he encouraged the industry to adopt similar transparency standards to rebuild trust.
Added transparency also prevents fractional reserve practices from destabilizing fiat currencies and causing bank failures. If more bitcoin exchanges demonstrate that reserves are complete, it could restore trust in intermediaries while curbing dangerous leverage in the system.
