riverLeading US Bitcoin Exchange Launches River Reserves Guide To provide customers with verifiable proof that their Bitcoin holdings are fully secured. This sets a new standard for transparency in the industry after recent failures of exchanges like FTX that have shaken consumer confidence.
“River Proof of Reserves is not just about verifying our balances; it’s about reinforcing River’s commitment to integrity and long-term trust with customers,” said River CEO Alex Leishman. “Our goal is to build unshakable trust with our customers. Proof of Reserves is the gold standard for bitcoin custody.”
The new feature allows customers to independently verify that River holds their bitcoins in a fully multi-signature backup vault. River currently holds over $800 million in bitcoins for its customers.
“We lead by example by proving every month that your bitcoin is exactly where we say it is,” Leishman said. Following recent failures, he encouraged the industry to adopt similar transparency standards to rebuild trust.
The added transparency also prevents fractional reserve practices from destabilizing fiat currencies and causing banks to fail. If more Bitcoin exchanges were to demonstrate full reserves, it could restore confidence in intermediaries while stopping dangerous leverage in the system.