Yield App’s assets pass second Armanino proof of reserves audit
Yield App is pleased to announce that we have conducted a second proof of reserves audit with Armanino LLP and we have once again passed this assessment, proving that we place the security and liquidity of our customers’ assets above all else.
The proof of reserves crypto audit was conducted on Tuesday, 16 August 2022, using a ‘point in time’ methodology. This attestation reassures customers that Yield App has sufficient assets on its balance sheet to cover all of its customers’ liabilities – or in simple terms, that the business remains liquid.
This crypto audit was highly requested by our community and we are pleased to provide additional transparency around the liquidity and safety of the assets held on our platform. This is the second audit of Yield App’s balance sheet conducted by Armanino LLP since our launch in February 2021.
The full Armanino LLP proof of reserves audit can be found by clicking here.
Who is Armanino LLP?
Armanino LLP is one of the top 25 largest independent accounting and audit firms in the United States that counts many of the leading blockchain firms, including stablecoin issuers and wealth management platforms, among its 7,000+ clients.
Armanino LLP conducts crypto audits in accordance with attestation standards issued by the American Institute of Certified Public Accountants, ensuring full transparency and helping to instill trust.
We are pleased to work with such a reputable partner in the crypto auditing space to show our valued customers how seriously we take the security of their assets. Our focus on risk management and liquidity is what makes us stand out as a secure partner of choice during turbulent market conditions and beyond.
What is a proof of reserves crypto audit?
A proof of reserves audit is conducted independently by a third party, such as Armanino LLP, to verify that a company holds enough assets on its balance sheet to offset its customers’ liabilities.
These public attestations are reconciled cryptographically, allowing customers to verify the information for themselves from a trusted source. Having published our inaugural audit in January 2022, we remain committed to publishing periodical attestations by trusted partners in the future.
Why we conducted a second Armanino LLP crypto audit
At a time when many crypto investors have been affected by liquidity issues and heightened risk in the market, we understand that customers require additional reassurance about the security and liquidity of their assets and increased transparency from their digital asset service providers.
A proof of reserves crypto audit is a way for us to unequivocally prove that we remain liquid and that Yield App is in great shape despite the market turmoil. We are fully focused on building a strong and lasting business that continues to put the needs of its customers first.
In addition, a proof of reserves audit is an important step on the regulatory journey for every reputable and professional digital asset business that aims to remain in the market for the long term. We are convinced of the importance of following the latest regulatory standards and committed to remaining compliant at all times.