Nexo, the world’s largest and most trusted lending institution in the digital finance industry, announced it had commissioned Armanino LLP to provide real-time attestation over its custodial holdings.
Notably, Nexo decided to use Armanino because it is a global leader in digital asset solutions and one of the largest accounting firms in the United States. The newly found partnership hopes to use Armanino’s TrustExplorer attest platform to offer investors, regulators, and customers the highest available trust in the market. This will be done through uninterrupted access to Nexo’s total assets’ daily snapshots, and the industry-standard attest reporting.
While commenting on this move, Antoni Trenchev, Co-founder and Managing Partner at Nexo, stated:
“Because a self-regulated space means more, not less transparency, offering accurate public reserves information is an absolute requisite for crypto-native companies. We are happy to have opened our books to allow Armanino, an expert accounting firm with an impressive digital assets practice, to verify that our company’s assets exceed liabilities at all times and demonstrate how seriously we treat Nexo’s commitments to our customers.”
The attestation, procedures will be done as by the set standards of the American Institution of Certified Public Accountants. The platform plans to provide more details in the coming days. According to the firm, the attestation will include an open dashboard of liabilities and assets, on-demand reporting, and other information. This information will be made available to the public once the attestation engagement is complete.
Noah Buxton, Practice Leader of Armanino’s Digital Assets practice, explained:
“We are delighted to be working closely with the team at Nexo to continue their strident commitment to offering the most trustworthy crypto lending product for global customers. The Nexo team’s ethos impressed us from day one. We continue to be aligned in our belief that crypto-assets allow for more trust and transparency to customers and markets than traditional financial products. Innovation and self-regulation are the paths forward.”
Since its launch, Nexo has always been working towards attaining the highest-level public accountability. This is why the platform has taken governance and transparency initiatives; a monthly ask me anything sessions, a public Licenses and Registration page, and a governance proposal.
Nexo’s mission has always been to maximize the value of cryptocurrencies by offering various services, including a tax-efficient Instant Crypto Credit Lines, an instant Exchange service, and sophisticated trading and OTC capabilities, a high-yield Earn on Crypto & Fiat suite, and trading and OTC capabilities.