Yield App Passes ‘Proof of Reserves’ Audit to Bolster Safety and Accountability of Deployed Digital Assets

PRESS RELEASE. Yield App, one of many rising and most trusted digital wealth platforms, just lately underwent an intensive ‘proof of reserves’ audit. The inspection was performed by Armanino LLC, the agency answerable for auditing Kraken – one of many largest and most trusted cryptocurrency exchanges on the planet.

Yield App handed the audit with flying colours, bolstering its stance on security and accountability of the property deployed by prospects into portfolios accessible on its platform.

What is ‘proof of reserves’?

A proof of reserves is an unbiased audit of an organization’s stability sheet performed by a 3rd social gathering, resembling Armanino LLP. These cryptographically reconciled public studies empower prospects to confirm that the digital asset service suppliers they use do certainly maintain sufficient property on their stability sheets to offset their prospects’ liabilities.

The first report was accomplished on 24 January 2022, utilizing a ‘cut-off date’ methodology to find out the outcomes, and may be learn here. Yield App plans to proceed working with Armanino LLP and different third-party accreditation service suppliers to launch common unbiased studies and hold prospects knowledgeable through its blog posts.

About Armanino LLP

Armanino LLP is without doubt one of the high 25 largest unbiased accounting and audit companies within the United States. It just lately audited Kraken to set a precedent for corporations working within the digital asset house, at a time when many individuals stay hesitant to put money into cryptocurrencies fearing a mishandling of their hard-earned property.

The auditor is engaged by many main blockchain companies, together with stablecoin issuers and wealth administration platforms amongst its 7,000+ purchasers. Armanino LLP does this in accordance with attestation requirements issued by the American Institute of Certified Public Accountants, guaranteeing full transparency and serving to to instill belief.

About Yield App

Launched in February 2021, Yield App is a quickly rising digital wealth platform. In simply over a 12 months since launch, the platform has already managed to draw practically 80,000 prospects who’ve deployed greater than $500 million {dollars} into Yield App portfolios. The platform just lately expanded its stablecoins offering with TUSD, along with USDT, USDC and DAI, and in addition affords BTC and ETH incomes portfolios. Its incomes merchandise present market-leading annual curiosity to its prospects.

Given the dearth of central authority or standardized governance that requires stress testing of service suppliers within the digital asset house, audits just like the one performed by Armanino LLP are a press release of dedication in direction of transparency and longevity and can assist guarantee potential prospects who’re historically cautious of the cryptocurrency house.

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