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SAN RAMON, Calif., March 07, 2019 (GLOBE NEWSWIRE) -- Armanino LLP, one of the 25 largest accounting and business consulting firms in the U.S., today announced it has partnered with TrustToken to build a solution that will add transparency and trust to digital assets. As a global leader in digitizing assets that can be seamlessly and securely exchanged across liquid markets, TrustToken and its TrueUSD® stablecoin cryptocurrency can be monitored via an Armanino-hosted dashboard. The solution connects directly to third-party escrow accounts holding the U.S. dollars that collateralize TrueUSD tokens, and runs its own ETH nodes to ensure accuracy of the outstanding TrueUSD token supply.
“Blockchain technology is all about enabling us to transact in a trustless peer-to-peer way. It’s important to us to build products that further advance this mission,” said Andries Verschelden, partner-in-charge of Armanino’s Blockchain practice. “Through our dashboard we will create direct transparency into the marketplace and increase trust for all users, thus allowing a wider adaptation of this important product.”
“We are thrilled to be working with Armanino to offer traders the highest degree of trust in our products. This sets a new standard not only for stablecoins, but for all tokenized assets in the future,” said Rafael Cosman, co-founder and head of engineering and product at TrustToken. “Over the past year, we have learned the value of trust and transparency for the success of TrueUSD. With real-time confirmation of funds provided by one of the world’s leading accounting firms, traders will know at all times that their tokens are backed by real-world value.”
Continuous attest has long been a goal within the audit profession, and this proprietary, real-time dashboard offering complete transparency regarding how digital assets are backed is a tangible step in this direction. The firm continues to develop programmatic approaches for auditing and attesting on underlying assets, whether fiat currencies, cryptocurrencies, precious metals, real estate or debt obligations.
“At Armanino we want to advance the audit function into the digital age. This means relying on technology to increase speed and effectiveness in bringing trust to our community,” said Scott Copeland, partner-in-charge of Armanino’s Audit practice. “We are excited to build new innovative solutions to this. Blockchain technology provides the perfect framework to facilitate this process.”
Armanino offers a breadth of industry-specific solutions to the cryptocurrency community, including financial statement audit, tax compliance and structuring, and SOC reporting. For more information on Armanino’s Blockchain practice, visit: https://www.armaninollp.com/services/blockchain/
About Armanino LLP
Armanino LLP (https://www.armaninollp.com/) is one of the 25 largest independent accounting and business consulting firms in the nation. Armanino provides an integrated set of audit, tax, business management, consulting and technology solutions to companies in the U.S. and globally. The firm helps clients adapt and change in every stage of business, from startup through rapid growth to the sale of a company. Armanino emphasizes smart technology, leading a cloud revolution of financial, operational, sales and compliance tools that are transforming the way companies do business. The firm extends its global services to more than 100 countries through its membership in Moore Stephens International Limited, one of the world's major accounting and consulting membership organizations. In addition to its core consulting and accounting practices, Armanino operates its division, AMF Media Group (www.amfmediagroup.com), a media and communications services agency. Its affiliate, Intersect Capital (www.intersectcapitalllc.com), is an independent financial planning, wealth and lifestyle management firm.
TrustToken is creating a more efficient and inclusive global financial system by digitizing assets that can be seamlessly and securely exchanged across liquid markets worldwide. TrueUSD [TUSD], a stablecoin redeemable 1-for-1 for U.S. dollars and the industry’s pioneer in using third-party trust companies and independent accounting firms, is the first product on TrustToken’s platform. TUSD offers the transparency, liquidity and redeemability required in the crypto-economy, and it has the most traded of all fully collateralized and independently validated stablecoins. TUSD is listed on more crypto-exchanges — including Binance, OKEx, DigiFinex, Bittrex and Huobi — than any other product in its asset class. For more information, visit www.trusttoken.com.
Kyle McGuire, AMF Media Group