PRESS RELEASE. Yield App, one of the fastest growing and most trusted digital wealth platforms, recently came under in-depth analysis ‘proof of reserves’ Audit. The inspection was conducted by Armanino LLC, the company responsible for auditing Kraken – one of the largest and most trusted cryptocurrency exchanges in the world.
Yield App passed the audit with flying colors, reinforcing its position on the security and accountability of assets deployed by customers in the wallets available on its platform.
what ‘proof of reserves’?
A proof of reserves is an independent audit of a company’s balance sheet performed by a third party, such as Armanino LLP. These cryptographically reconciled public reports allow clients to verify that the digital asset service providers they use do indeed hold enough assets on their balance sheets to offset their clients’ debts.
The first report was completed on January 24, 2022, using a “point-in-time” methodology to determine results, and can be read here. Yield App plans to continue working with Armanino LLP and other third-party accreditation service providers to publish regular independent reports and keep clients informed through its blog posts.
On Armanino LLP
Armanino LLP is one of the 25 largest independent accounting and auditing firms in the United States. He recently Audited Kraken setting a precedent for businesses operating in the digital asset space, at a time when many people are still hesitant to invest in cryptocurrencies, fearing mismanagement of their hard-earned assets.
The auditor is engaged by many top blockchain companies, including stablecoin issuers and wealth management platforms among its 7,000+ clients. Armanino LLP does so in accordance with attestation standards issued by the American Institute of Certified Public Accountants, ensuring full transparency and helping to build trust.
About the Yield app
Launched in February 2021, Yield App is a growing digital wealth platform. In just over a year since its launch, the platform has already managed to attract nearly 80,000 customers who have deployed over $500 million in Yield App wallets. The platform recently has expanded its stablecoin offering with TUSDin addition to USDTUSDC and DAI, and also offers BTC and ETH winning portfolios. Its remunerative products offer its clients some of the best annual interest on the market.
Given the lack of central authority or standardized governance that necessitates stress testing of service providers in the digital asset space, audits like the one conducted by Armanino LLP are a statement of commitment to transparency and longevity and will help assure potential customers who have traditionally been cautious of the cryptocurrency space.
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