Yield App, a FinTech startup and digital asset wealth management platform, has released its Q4 report for 2021, revealing that the company is continuing on a solid growth trajectory, with managed assets up 40% from Q3 to $475 million. In addition, the platform has released the findings of an audit conducted by Armanino, a major global auditor, which reveals that its assets are in good standing.
Managed assets climbed by 40% from $339.4 million at the end of September to $475 million by the end of December, according to the firm, which recently celebrated the launch of a new “V2” platform. Following its public launch in February 2021, the passive income provider has had a daring first year, which includes a heavy-weight collaboration with UK premier league football team West Ham United.
Yield App said it paid out more than $29 million in profit awards to its customers in USDC, USDT, ETH, BTC, and YLD over the course of the year. Depending on their membership Tier, Yield App clients can earn up to 18% on their digital assets.
Yield App published the results of an audit by Armanino, one of the top 25 largest independent accounting and audit firms in the United States, which is used by many leading blockchain firms, in the fourth quarter of the year, showing that Yield App’s assets exceed its customer liabilities: a significant milestone for the young digital wealth manager.
Justin Wright, Yield App’s Chief Financial and Chief Operations Officer, comments on the findings of this crucial audit: “As previously indicated in our Q3 report, we have engaged Armanino, the global leader in digital asset audit solutions, to perform a complete evaluation of our assets.” This engagement aims to provide more transparency and assurance to Yield App’s customers, prospective customers, regulators, and business partners regarding the assets kept as reserves against outstanding customer liabilities. As we grow, we’ll continue to collaborate with Armanino and other third-party accreditation service providers to provide biannual independent reports on our group’s business activities.”
Customers from Asia and Europe are increasing as the Yield App adds $70 million in Bitcoin
Yield App recently announced that its global client base increased by 19 percent to 71,356 in Q4 2021, following the launch of a redesigned “Version 2” (V2) of its platform. In the final three months of the year, the company saw tremendous growth in Asia and Europe, with customer numbers increasing by 60% and 17% in these regions, respectively.
The firm also stated that the reopening of its Bitcoin Portfolio in October aided in customer growth, with 1,439 new consumers joining the platform in the first five days after it reopened (10-15 October 2021). On BTC, the platform pays a market-leading rate of up to 12% p.a.
The firm also stated that its Bitcoin offering had some of the highest inflows in the last three months of the year, with BTC assets jumping by about 50% from 988 BTC at the end of September to 1,456 BTC by the end of December 2021 – representing a market value of $70,067,612 USD.
“February marks one year since we debuted Yield App to the world, and I couldn’t be more proud of where we are today, with close to $500 million in assets managed on the platform for 70,000 customers to date,” says Tim Frost, CEO of Yield App.
Following the successful launch of the platform’s V2, Yield App will release its Android and iOS mobile apps in the first half of 2022, something the community has been anticipating for some time, as well as adding new blockchains and assets and increasing our on-platform conversion offering. While Yield App grew rapidly in its first year, we expect 2022 to be an even bigger, better, and more interesting year for our clients and community members, and we look forward to continuing to serve you.”
To read the full Q4 Report About Yield App, go to the Yield App blog.
Everyone should have access to the best earning options, according to Yield App. Its purpose is to maximize the value of digital assets by combining them with the most lucrative opportunities accessible across all financial markets and making them available to the rest of the world. To do this, it offers a revolutionary wealth management platform that seamlessly connects traditional and decentralized finance. Visit www.yield.app for additional details.