Bitcoinist 2026-04-29 05:00:39

Bitcoin Transparency Gets A Boost As Dorsey’s Block Unveils Reserve Proof

Block is now offering 5% Bitcoin cash back at Square merchants — a detail that quietly underscores just how far Jack Dorsey’s payments company has gone in tying its business to Bitcoin. The reward program was announced Monday in Las Vegas alongside a package of new features, with the centerpiece being a live proof-of-reserves system covering Block’s corporate Bitcoin holdings. Anyone Can Check The Numbers Block holds 8,883 Bitcoin on its balance sheet, valued at roughly $680 million. That makes it the 14th-largest corporate Bitcoin holder in the world. Through on-chain signatures, the company says any member of the public can independently confirm that those coins exist and are under active control. “People shouldn’t have to trust that their crypto is there, they should be able to verify it,” Block said in a post on X. The system covers not just the corporate treasury but also two of Block’s flagship products — Cash App and Square. https://t.co/pkLmTXnxkG — Bitcoin at Block (@BitcoinatBlock) April 27, 2026 The proof-of-reserves announcement came bundled with several other moves. Block launched a new Bitkey hardware wallet equipped with a touchscreen for verifying transactions. Cash App users will be able to have incoming payments automatically converted to BTC. Customer withdrawal limits were also raised sharply — up to $10,000 per day and $25,000 per week, five times the previous cap. A Standard The Industry Adopted After A Painful Lesson The wider push for reserve transparency traces back to the collapse of FTX in November 2022. After that failure shook confidence across the industry, exchanges and crypto firms began publishing proof-of-reserves as a way to show customers their funds were fully backed. Binance, Kraken, OKX, Bitfinex, and Bitget have all adopted the practice. Not everyone has followed suit. Strategy, the largest corporate holder of Bitcoin in the world, has not released any proof-of-reserves. In May 2025, executive chairman Michael Saylor said the practice was actually dangerous. According to Saylor, publishing reserve data “dilutes the security of the issuer, the custodians, the exchanges and the investors.” He called it “a bad idea.” Dorsey’s Broader Push For Bitcoin Payments Block’s announcements fit a pattern. Dorsey has long argued that BTC needs to become a functional payment tool, not just a store of value. He has said that wide adoption of Bitcoin payments is essential to preserving what he sees as Satoshi Nakamoto’s original intent — a peer-to-peer electronic cash system. The Las Vegas event showed that vision being pushed further into Block’s products. Auto-conversion of payments to Bitcoin, cashback rewards, higher withdrawal limits — each feature nudges everyday users closer to holding and spending crypto through Block’s ecosystem. Featured image from Pexels, chart from TradingView

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