Armanino has partnered with TrustToken to create a dashboard for traders of TrustToken’s cryptocurrency, TrueUSD, to use.The participation of accounting firms in the cryptocurrency market is a step toward legitimizing the intangible asset both in investors’ minds and in real-world markets, as regulators struggle to create laws surrounding blockchain.
TrueUSD is billed as a “stablecoin,” meaning it is collateralized with real-world assets and has a 1:1 U.S. dollar value. The new dashboard connects directly to third-party escrow accounts holding the U.S. dollars that collateralize TrueUSD tokens, and runs its own Ethereum nodes to ensure accuracy of the outstanding TrueUSD token supply.
According to Armanino, this dashboard offering transparency regarding how digital assets are backed is a tangible step toward continuous attest, which has has long been a goal within the audit profession. The firm says it continues to develop “programmatic approaches” for auditing and attesting on underlying assets, whether fiat currencies, cryptocurrencies, precious metals, real estate or debt obligations.
“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, in a statement. “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.”
“Over the past year, we have learned the value of trust and transparency for the success of TrueUSD,” stated Rafael Cosman, co-founder and head of engineering and product at TrustToken. “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.”
Armanino is No. 23 on Accounting Today’s 2019 list of Top 100 Firms.
