Yield App is one of the fast-growing and most utilized digital wealth platforms. The app was recently put through the scrutiny of a “Proof of reserves” audit.
The audit was carried out by Armanino LLP. Armanino LLP is also the audit firm that scrutinized Kraken, one of the world’s biggest cryptocurrency exchanges.
Yield successfully passed the audit. The success will bolster its promise to maintain the safety and accountability of the assets that customers have entrusted to it on the portfolios on the platform.
What does ‘proof of reserves’ mean?
This is an independent review and audit of a firm’s balance sheet, carried out by a neutral third party, in this case, Armanino LLP.
These kinds of audits help customers to confirm that the digital asset providers of their choice possess enough assets on their balance sheet, to offset any liabilities that their customers may incur.
The first audit report on Yield App was completed on 24 January 2022. The audit that determined the results was done using a methodology known as ‘point in time’.
Yield App will continue engaging with Armanino LLP and other accreditation service firms, to keep customers in the loop via regular independent audit reports.
About Armanino LLP
Armanino LLP is among the top 25 largest autonomous accounting and audit companies in the US. Recently, it set a precedent for firms in the digital asset niche, after getting the honors to audit Kraken.
Armanino is contracted by numerous blockchain companies, including wealth management platforms and issuers of stablecoins. It boasts over 7000 clients.
About Yield App
Yield App was launched in February 2021.
The platform recently expanded its stablecoins offering with TUSD, in addition to USDT, USDC, and DAI, and also offers BTC and ETH earning portfolios. Its earning products provide market-leading annual interest to its customers.
In just over one year since its launch, Yield App has already managed to attract approximately 80,000 customers, who have deployed more than $500 million into its portfolios.