River secures over $800M worth of Bitcoin and launches Proof of Reserve

River, a major US Bitcoin exchange, has launched River Proof of Reserves to provide 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 have shaken consumer confidence.

River CEO Alex Leishman said: “River Proof of Reserves is more than just checking our balance sheets; it’s about reinforcing River’s commitment to integrity and long-term customer trust.” He added: “Our aim 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 holds their Bitcoin in a full multi-sig cold storage backup. River currently secures over $800 million worth of Bitcoin to its customers.

According to Leishman, “We lead by example, 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 restore trust.

The added transparency also prevents fractional reserve practices from destabilizing fiat currencies and leading to bank failures. If more Bitcoin exchanges prove full reserves, it could restore trust in intermediaries while stopping dangerous leverage in the system.