Payments company Block has rolled out a proof-of-reserves system covering its corporate Bitcoin treasury as well as its flagship products, Cash App and Square, joining a growing number of crypto firms verifying their holdings onchain.
“People shouldn’t have to trust that their bitcoin is there—they should be able to verify it,” the Jack Dorsey-led firm said in a post on X following the announcement, which was made in Las Vegas on Monday.
Block added that anyone can independently confirm its holdings using onchain signatures, emphasizing that the reserves are actively controlled rather than merely historically recorded.
Block also introduced a touchscreen-enabled Bitkey hardware wallet for on-device transaction verification, alongside a new Cash App feature that allows eligible users to automatically convert payments into Bitcoin.
The company is further incentivizing adoption by offering 5% Bitcoin cashback at Square merchants, while significantly increasing withdrawal limits to $10,000 per day and $25,000 per week.
Dorsey has long been a vocal advocate for bringing Bitcoin payments into the mainstream, previously emphasizing that widespread adoption is key to fulfilling Satoshi Nakamoto’s original vision of Bitcoin as a peer-to-peer electronic cash system.
