CoinShares, Europe’s largest digital asset investment firm, announced that it is adding a real-time audit feature for its crypto asset Exchange-Traded Products (ETPs). The service will be provided by accounting firm, Armanino. According to a press release, investors can now instantly access attest reports for CoinShares’ crypto asset exchange-traded products (ETPs) that are updated every 30 minutes.
1/ Another first from the team @CoinSharesCo. Excited to partner with @ArmaninoLLP to provide verifiable, real-time proof of real-time proof of assets held for our crypto ETPs our crypto ETPs, which have $1.1B in AUM. https://t.co/ss3LX459O7
— CoinShares (@CoinSharesCo) September 1, 2020
Richard Nash, CoinShares’ Chief Operating Officer, stated:
“To remain a trusted and transparent manager of digital assets, we opened our books to allow Armanino, one of the top U.S. accounting firms specializing in digital assets, to perform attest procedures over our products in real time using their blockchain-enabled solution. This allows for the assets held by CoinShares to be independently verified every 30 minutes, providing a level of transparency to our various stakeholders rarely seen both in the crypto markets and the traditional financial markets.”
The investment firm currently manages over $1 billion worth of crypto assets, and is the first asset manager to offer a real-time audit feature for its crypto ETPs. By offering this level of trust and transparency to investors, gives CoinShares an advantage over its rivals. Investors will appreciate the transparency that CoinShares is offering and will be more inclined to choose them, over a firm that does not provide a live public audit of its reserves.
CoinShares mentioned in a Tweet that they hope that their real-time audit reports will encourage other asset managers and custodial service providers to offer a similar level of trust and transparency to investors and regulators alike. The bar has been set for the rest of the crypto industry to follow suit.
2/ Our digital asset holdings will now be independently verified 48 times a day (every 30 min)
We hope this will encourage other asset managers and custodial service providers to offer a similar level of trust and transparency to investors and regulators alike.
— CoinShares (@CoinSharesCo) September 1, 2020
Feature image by Pexels from Pixabay
