Announcing River Proof of Reserves
COLUMBUS, Ohio, Sept. 18, 2024 – River, the leading U.S. Bitcoin exchange, proudly announces the launch of River Proof of Reserves, setting a new industry standard for transparency and trust. This launch makes River the first Bitcoin exchange to provide clients with verifiable proof that their Bitcoin is held in full reserve cold storage custody.
Addressing industry failures with transparent solutions
Since its founding in 2019, River has encouraged clients to self-custody or take direct ownership of their Bitcoin. However, the reality is some people prefer to trust an institution with their Bitcoin. As such, River has taken proactive steps to develop a best-in-class custody service.
The collapse of Prime Trust and FTX in recent years highlighted the dangers of opaque operations and fractional reserves. These failures have resulted in significant losses for everyday people, and have shaken trust within the industry. River Proof of Reserves addresses these issues head-on, providing a transparent solution that assures clients their Bitcoin is secure and held in full reserve.
“River Proof of Reserves is about more than verifying our balances; it’s about reinforcing River’s commitment to integrity and long-term client trust. By encouraging public scrutiny of our reserves, we eliminate any possibility of the smoke and mirrors that enabled failures like FTX and Prime Trust. Our goal is to build unshakable trust with our clients. Proof of Reserves is the gold standard for Bitcoin custody.” —Alex Leishman, CEO of River
Proving their commitment: River’s approach to Bitcoin security
River’s commitment to transparency and security is at the heart of everything they do. It’s not only about the features they offer; it’s ingrained in their culture. For their clients, who include individual investors and businesses, this means their Bitcoin is held securely with in-house custody, reducing reliance on third parties. River’s multisig cold storage ensures that multiple layers of security protect their client’s Bitcoin. River has also attained SOC 1 and SOC 2 certifications, providing independent verification that its security practices adhere to the highest industry standards.
With the introduction of River Proof of Reserves, River empowers its clients to independently verify that their Bitcoin holdings are held in full reserve. These combined measures ensure that River can meet all withdrawal requests promptly and securely, providing their clients with the confidence that their assets are safe. By setting a new benchmark for transparency and accountability, River reinforces its position as a leader in the Bitcoin industry.
