The Next Step in Our Transparency Journey: Moore to Provide Nexo’s Real-Time Reserves Attestation
Apr 24, 2023•3 min read
Ever since we pioneered real-time attestations in 2021, we have shown you, our valued clients, that Nexo’s assets exceed liabilities at all times and we have strived to find a continued path to show you the same in an environment where many auditors rolled back their crypto offerings. Nevertheless, the temporary vacuum was quickly filled with brave new pioneers ready to reinforce transparency in the crypto space.
Following months of hard work and unrelenting efforts from our team, we proudly announce our new real-time attestation, which is provided by Moore Johannesburg, through their TrustReserve product suite and shows that as ever your assets are secure.
Nexo’s Real-Time Attestation Now Provided by Moore Johannesburg
Our real-time attestation by Moore Johannesburg can be found at this address and provides all the same information as its predecessor, confirming Nexo’s assets under management always exceed its liabilities.
The attestation maintains our real-time transparency through a third-party, 24/7 reserves proof, demonstrating 1:1 backing and thus showing that Nexo’s custodial assets always exceed liabilities. The attestation is once again also available as a downloadable PDF report. Clients can view Nexo’s assets both in terms of US Dollars (USD) and Bitcoin (BTC).
We eagerly anticipate collaborating with Moore Johannesburg, leveraging their expertise to further elevate the unparalleled transparency we offer our esteemed clients. In the aftermath of the events in 2022, Nexо has adeptly embraced challenges as opportunities for growth, fortifying our resolve to work with diligence, ingenuity, and agility. Our commitment to real-time attestation is unwavering, and we have forged new partnerships that will propel us toward our ultimate goal of even more rigorous financial transparency practices.
-Antoni Trenchev, Co-founder and Managing Partner of Nexo.
About Moore Johannesburg
Moоre Johannesburg is a member firm of leading international accounting and advisory firm Moore which has over a century of history and current operations in over 100 countries, providing services that range from auditing to business consultancy. The enterprise’s focus is on providing senior expertise, guidance, and support to cutting-edge industry leaders so that they may prosper in a fast-paced world.
Moore Johannesburg is honoured to have the opportunity to provide assurance for Nexo’s assets under management. Our top priority, as a global accounting enterprise, is to ensure clients can access financial products safely and transparently. We are committed to providing the meticulous attention to detail and relentless commitment to accuracy in the real-time attestation of of their reserves through the TrustReserve platform. Our firm’s penchant for innovation fuels our ongoing effort to support financial integrity in novel industries like the blockchain space whose inherent auditability has been historically overlooked. Nexo’s new real-time attestation will help crypto investors across the board to operate smoothly and with the trust needed in today's dynamic business environment.
-Dale Russell, Director and Head of Blockchain and Digital Assets at Moore.
Why Nexo Has a New Real-Time Attestation
In 2021, Nexo pioneered reserves attestations for crypto companies. This nurtured customer trust and had even greater importance throughout the hardest times during the mass insolvencies in the crypto industry later on in 2022.
However, in late 2022, multiple auditors providing services to the blockchain finance space announced they would discontinue their crypto operations. While we respect this responsible decision, it left a significant gap in the industry, with implications for the progress made by companies like Nexo in ensuring transparency and accountability. Despite this, we made it our mission to ensure our clients don’t go a day without an available third-party confirmation that our custodial assets exceed liabilities, leading to our new collaboration with Moore Johannesburg.
The Future Is Transparency
We firmly believe that having to find a new solution for our real-time attestation pushed us to once again go above and beyond for the much-needed transparency in blockchain-based finance. While we are proud to provide our community with consistent, accurate, and uninterrupted information about our AUM and liabilities despite a year of turbulence in the industry, the journey does not end here for us. From the very beginning, our end goal has been to give you extended transparency of our financials. Setbacks, upgrades, progress or not, that remains our final goal and we look forward to informing you when we reach this milestone.