San Ramon, Calif.-based IPA 100 firm Armanino LLP (FY19 net revenue of $322.2 million) is employing its TrustExplorer assurance platform to provide real-time attestation for European digital asset investment firm CoinShares and its more than $1 billion of assets under management. Armanino’s platform allows investors to instantly access attest reports for CoinShares’ crypto asset exchange-traded products (ETPs) that are updated every 30 minutes.
The move comes as public and open visibility into reserves and on-demand attest reporting have evolved into important markers of trust for the crypto and digital asset industry. Armanino’s platform gives investment firms a reliable tool to demonstrate point-in-time reserve ratios to their customers, banking and insurance partners, regulators and prospective institutional partners under AICPA standards.
“In the past, investors and regulators relied on yearly audit and compliance filings to support due diligence efforts,” says Noah Buxton, cryptocurrency and digital assets practice leader. “With TrustExplorer’s real-time attest, we have reduced assurance windows from 365 days to less than a minute. Formal independent accountant reports are now just a click away, providing an unprecedented level of transparency.”