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The crypto verse has been called out severely for its shortcomings. While that is very much called for, crypto exchanges are constantly looking for ways to give their clients what they actually want – security, standardized regulation, transparency, and ease of operation. As more and more exchanges venture into the crypto sphere, so does the need to stand out from the crowd increases.
In a bid to maintain an utmost transparency, TrustToken, the parent body of the stablecoin called TrueUSD has adopted a means of bringing the public and its clients into the happenings in the firm, in a similar manner to other parent companies of stablecoins. The firm has published a routine attestation of its funds, which is scheduled to run every month. According to the firm, the attestation of funds is currently spearheaded by an independent third-party firm called Cohen & Company. It is worthy to note that Cohen & Company is a reputable U.S. certified public accounting (CPA) firms. The firm is known for its high standard of professionalism.
Having entrusted the company with their monthly funds’ attestation, Cohen & Company is now saddled with the responsibility of creating an unbiased report of the financial status of TrueUSD each month. This includes funds held in the escrow account and the tokens in circulation. As of 8th of April, TrustToken updated the post in its blog section announcing the funds attestation of March by Cohen & Company.
The attestation, which is believed to be conducted in accordance with the long-standing attestation standards established by the American Institute of Certified Public Accountants, revealed that the total amount held in the escrow account as of March 31st totals the sum of $199,063,885. While the total amount of TrueUSD issued and in circulation totals the sum of $198,982,291.
To clear the air on its relationship with Cohen & Company, the exchange explained in its blog post that Cohen & Company has no financial interest in TrueUSD and is not an affiliate of the firm. It has also stressed that Cohen & Company is not the parent company of TrueUSD. Instead, it is an entirely independent firm whose job entails examining collateralized funds held in escrow to back all TrueUSD in circulation. The result of their findings is published every month for clients and the general public to see.
If you would like to see the full attestation from March 31st, then check it out here.