Yield App, one of the rising and most trusted digital wealth platforms, recently underwent a thorough ‘proof of reserves’ audit. The inspection was conducted by Armanino LLC, the firm responsible for auditing Kraken – one of the largest and most trusted cryptocurrency exchanges in the world.
Yield App passed the audit with flying colors, bolstering its stance on safety and accountability of the assets deployed by customers into portfolios available on its platform.
What is ‘proof of reserves’?
A proof of reserves is an independent audit of a company’s balance sheet conducted by a third party, such as Armanino LLP. These cryptographically reconciled public reports empower customers to verify that the digital asset service providers they use do indeed hold enough assets on their balance sheets to offset their customers’ liabilities.
The first report was completed on 24 January 2022, using a ‘point in time’ methodology to determine the results, and can be read here. Yield App plans to continue working with Armanino LLP and other third-party accreditation service providers to release regular independent reports and keep customers informed via its blog posts.
About Armanino LLP
Armanino LLP is one of the top 25 largest independent accounting and audit firms in the United States. It recently audited Kraken to set a precedent for companies operating in the digital asset space, at a time when many people remain hesitant to invest in cryptocurrencies fearing a mishandling of their hard-earned assets.
The auditor is engaged by many leading blockchain firms, including stablecoin issuers and wealth management platforms amongst its 7,000+ clients. Armanino LLP does this in accordance with attestation standards issued by the American Institute of Certified Public Accountants, ensuring full transparency and helping to instill trust.
About Yield App
Launched in February 2021, Yield App is a rapidly growing digital wealth platform. In just over a year since launch, the platform has already managed to attract nearly 80,000 customers who have deployed more than $500 million dollars into Yield App portfolios. The platform recently expanded its stablecoins offering with TUSD, in addition to USDT, USDC and DAI, and also offers BTC and ETH earning portfolios. Its earning products provide market-leading annual interest to its customers.
Given the lack of central authority or standardized governance that requires stress testing of service providers in the digital asset space, audits like the one conducted by Armanino LLP are a statement of commitment towards transparency and longevity and will help assure prospective customers who are traditionally cautious of the cryptocurrency space.