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PR ELEASE Yield App recently had a complete overhaul. This is Yield App’s most prominent and trusted platform for digital wealth. ‘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 cleared the audit, which reinforced its commitment to safety and accountability in the asset deployments made by its customers.
How do you define it? ‘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 intends to continue its collaboration with Armanino LLP as well as other accredited service providers. It will release independent reports on a regular basis and inform customers via its blog posts.
About Armanino LLP
Armanino LLP ranks among the 25 most reputable independent audit and accounting firms in the United States. The firm audited Kraken, setting a precedent in digital asset management. This comes at a time in which many are still hesitant about investing in cryptocurrency.
Many top-tier blockchain firms have hired the auditor to audit their clients, including stabilitycoin issuesrs and wealth management platform providers. Armanino LLP performs this according to the American Institute of Certified Public Accountants’ attestation standards. This ensures transparency and trust.
Information about Yield App
Yield App, a digital wealth platform that was founded in February 2021 is rapidly expanding. Nearly 80,000 people have already invested over $500 million in Yield App portfolios within the first year of its launch. TUSD was added to the platform’s stablecoin offering. It also has USDT and USDC. Customers can enjoy market-leading annual returns through its earning products.
Due to the absence of central authority and standardized governance, stress testing service providers within the digital asset sector is not possible. However, Armanino LLP audits are a sign of transparency and long-term commitment and can help customers that are more cautious about the space.
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