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

Yield App, one of the fastest-growing and most reputable digital wealth platforms, recently underwent a comprehensive 'proof of reserves' examination. Armanino LLC, the agency in charge of auditing Kraken, one of the world's largest and most trusted bitcoin exchanges, completed the inspection.

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

Yield App completed the audit with flying colours, reaffirming its commitment to the safety and accountability of assets put by clients into Yield App portfolios. Yield App Passes ‘Proof of Reserves’ Audit to Bolster Safety and Accountability of Deployed Digital Assets.

What does it mean to have "evidence of reserves"?

A proof of reserves is a third-party audit of a company's balance sheet, such as one undertaken by Armanino LLP. Customers can verify that the digital asset service providers they utilise have adequate assets on their balance sheets to offset their customers' obligations using these cryptographically reconciled public reports.

The first report, which used a 'point in time' methodology to establish the outcomes, was finished on January 24, 2022, and may be found here. Yield App intends to continue working with Armanino LLP and other third-party certification service providers to publish impartial reports on a regular basis and to keep consumers updated through blog entries.

Armanino LLP

Armanino LLP is a top 25 independent accounting and auditing firm in the United States. It recently audited Kraken in order to set a precedent for organisations in the digital asset field, at a time when many consumers are hesitant to participate in cryptocurrencies for fear of their hard-earned money being mishandled.

Many top blockchain companies, including stablecoin issuers and financial management platforms, are among the auditor's 7,000+ clients. Armanino LLP does so in accordance with the American Institute of Certified Public Accountants' attestation standards, ensuring complete transparency and fostering trust.

Yield App Information

Yield App is a rapidly developing digital wealth platform that was launched in February 2021. The platform has already attracted over 80,000 consumers who have invested more than $500 million in Yield App portfolios in just over a year since its introduction. TUSD, in addition to USDT, USDC, and DAI, has recently been added to the platform's stablecoin offering, which also includes BTC and ETH earning portfolios. Its earning programmes provide customers market-leading annual interest rates.

Given the lack of a centralised authority or standardised governance in the digital asset space that necessitates stress testing of service providers, audits like the one conducted by Armanino LLP are a statement of commitment to transparency and longevity that will reassure prospective customers who have been wary of the cryptocurrency space in the past.

Source: bitcoin.com

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