Yield App is one of the fast growing and widely used digital wealth platforms. The app has recently been subject to a “Proof of Reserves” audit.
The audit was performed by Armanino LLP. Armanino LLP is also the audit firm that has taken a close look at Kraken, one of the world’s largest cryptocurrency exchanges.
Yield successfully passed the audit. Its success will reinforce its promise to maintain the security and accountability of the assets clients have entrusted to the portfolios on the platform.
What does ‘proof of reserves’ mean?
This is an independent assessment and audit of a company’s balance sheet, performed by a neutral third party, in this case Armanino LLP.
These types of audits allow customers to confirm that the digital asset providers of their choice have sufficient assets on their balance sheets to offset any liabilities their customers may have.
The first audit report on the Yield App was completed on January 24, 2022. The audit that determined the results was done using a methodology known as ‘point in time’.
Yield App continues to work with Armanino LLP and other accreditation service companies to keep customers informed through regular independent audit reports.
About Armanino LLP
Armanino LLP is among the top 25 largest autonomous accounting and auditing companies in the US. It recently set a precedent for businesses in the digital asset niche, having been credited with controlling Kraken.
Armanino is contracted by numerous blockchain companies, including wealth management platforms and stablecoin issuers. It has more than 7000 customers.
About Yield App
The Yield app was launched in February 2021.
The platform recently expanded its stablecoin offering to include TUSD, in addition to USDT, USDC, and DAI, and also offers BTC and ETH earning portfolios. Its earning products offer market leading annual interest to its customers.
In just over a year since its launch, Yield App has already managed to attract approximately 80,000 customers, who have staked more than $500 million in its portfolios.