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

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Yield App, one of the rising and most trusted digital wealth platforms, recently underwent a thorough ‘proof of reserves’ audit. The inspection was conducted by Armanino LLC, the firm responsible for auditing Kraken – one of the largest and most trusted cryptocurrency exchanges in the world. 

Yield App passed the audit with flying colors, bolstering its stance on safety and accountability of the assets deployed by customers into portfolios available on its platform.

A proof of reserves is an independent audit of a company’s balance sheet conducted by a third party, such as Armanino LLP. These cryptographically reconciled public reports empower customers to verify that the digital asset service providers they use do indeed hold enough assets on their balance sheets to offset their customers’ liabilities.  

The first report was completed on 24 January 2022, using a ‘point in time’ methodology to determine the results, and can be read here. Yield App plans to continue working with Armanino LLP and other third-party accreditation service providers to release regular independent reports and keep customers informed via its blog posts. 

Armanino LLP is one of the top 25 largest independent accounting and audit firms in the United States. It recently audited Kraken to set a precedent for companies operating in the digital asset space, at a time when many people remain hesitant to invest in cryptocurrencies fearing a mishandling of their hard-earned assets.  

The auditor is engaged by many leading blockchain firms, including stablecoin issuers and wealth management platforms amongst its 7,000+ clients. Armanino LLP does this in