- Metaplanet and Hoseki launch a Bitcoin proof of reserves system, enhancing transparency in Bitcoin holdings.
- Hoseki Verified provides real-time visibility into Metaplanet’s Bitcoin assets, ensuring trust and integrity for stakeholders.
- Metaplanet’s continuous Bitcoin purchases highlight its commitment to transparency, following a MicroStrategy-like corporate strategy.
Hoseki and Metaplanet Inc., a publicly traded business on the Tokyo Stock Exchange, have announced their alliance. The global leader in Bitcoin verification solutions is Hoseki. Both of them aim to carry out proof of reserves for Bitcoin to increase transparency and trust in the company’s Bitcoin assets specifically Metaplanet.
Why Transparency is So Important
For awareness of this relationship, Hoseki’s CEO and creator, Sam Abbassi, underlined its importance. “The future of the Bitcoin industry will be defined by companies like Metaplanet,” he declared. “We are ecstatic to assist them in taking advantage of Bitcoin’s revolutionary audibility and transparency.”
Hoseki Verified is a platform for confirming Bitcoin transactions; it offers a public dashboard with time insight into holdings. Assets confirmed by custodians such as Coinbase, BitGo, and Gemini are displayed. This initiative will enable investors and stakeholders to promptly confirm the authenticity of Metaplanet’s Bitcoin holdings.
Dylan LeClair, Metaplanet’s Director of Bitcoin Strategy, emphasized the significance of openness in the adoption of Bitcoin. “Transparency is essential, and its importance cannot be overstated as Bitcoin adoption grows worldwide,” he stated. “Our collaboration with Hoseki advances transparency in a world where money is kept on an open, auditable global ledger and is in line with the ‘Don’t Trust, Verify’hilosophy of Bitcoin.”
Metaplanet’s Strategic Bitcoin Accumulation
Metaplanet adopted the MicroStrategy Bitcoin corporate playbook earlier this year. The company purchased Bitcoin as its primary treasury reserve asset. Since then, Metaplanet has continuously bought more Bitcoin.
Just yesterday, it bought an additional ¥200 million worth of BTC. Since April, Metaplanet has been accumulating Bitcoin. It cited several factors for this decision, including a continuously falling yen and an unfavourable economy.
JUST IN:
— Bitcoin Magazine (@BitcoinMagazine) July 22, 2024Japanese public company Metaplanet buys another ¥200 million worth of #Bitcoin pic.twitter.com/jMuBtYaNqI
Japanese public company Metaplanet buys another ¥200 million worth of In June, Metaplanet announced further plans to expand its Bitcoin holdings with a $6 million investment. The funds for this investment came from its recent bond sale. Consequently, Metaplanet’s continued Bitcoin acquisitions have generated significant news coverage. Hence, it is only understandable why the company seeks transparency.
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